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Monday 13 July, 2009

OPD Group PLC

Trading Update

RNS Number : 5735V
OPD Group PLC
13 July 2009
 



OPD Group PLC                                                                                                              13 July 2009

Trading Update

OPD, the recruitment services group, today announces a trading update covering the period from 1 January 2009 to 30 June 2009.

As stated in the Company's Interim Management Statement published on 15 May 2009, net fee income declined by 25 per cent for the first four months of this year. For May and June the net fee income was down 30 per cent on May and June 2008 and for the first six months of the year aggregate net fee income was down 28 per cent compared to the comparative period for 2008.

Trading conditions remain very challenging, the Group continues to reduce costs with headcount
falling by 110 since the beginning of the year to 640. The one off costs associated with reducing 
headcount are expected to give rise to an operating
loss for the first six months of the year;

In the Interim Management Statement, the Company commented that the Board may need to seek additional funding through an equity issue which could be material in the context of the Company's current equity valuation. This course of action is currently under consideration, together with an alternative strategy of raising additional funding through the disposal of; part of the equity in its operating subsidiaries to their management teams.

The Group's results for the six months ended 30 June 2009 will be announced in late August.


For further information contact:

Francesca Robinson, Chief Executive
Ian Moss, Finance Director
OPD Group plc                                                                                           Tel: 0207 970 9700

Patrick Robb
Investec                                                                                                       Tel: 0207 597 5169


 

 

 

 


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