RNS Number : 8847E China Eastsea Business Software Ltd 02 October 2008
China Eastsea Business Software Limited
'China Eastsea' or the 'Company'
Trading Update - Interim Results
China Eastsea (AIM: CESG), which provides information technology and business process outsourcing services, announces that it will report results for the six months ended 31 August 2008 on 28 November, 2008.
Trading during the six months ended 31 August 2008 has been subdued with results being below management expectations. In particular contract negotiations with local government bodies and other companies have taken longer to complete during the period up to and including China hosting the Olympic Games. Notwithstanding this the Company enjoyed stronger trading in August 2008 and the Board believes this augurs well for the second half of the financial year, which has historically been stronger than the first.
The Company has a strong order book going forward and although it is too early to determine the outcome for the full financial year, the Directors expect to see a solid second half and believe that the Company is well positioned to achieve a satisfactory result for the year as a whole.
Commenting on the situation Chairman Eric Zhu said, 'Despite the tough trading environment China Eastsea has made a tremendous effort to develop relationships with our existing and potential customers and this should generate more business opportunities in the second half when the Chinese government's focus returns to the economy once more. Our order book remains very strong with guaranteed contracts and contracts currently under negotiation allowing us to look forward with confidence.'
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