Vantis, the accounting, tax and business recovery group, announces interim results for the six months ended 31 October 2008.
Key points
- Turnover on continuing operations increased 3% to £48.3m (2007: £46.9m);
- Operating Profit from continuing operations before exceptional costs decreased 7% to £7.2m (2007: £7.7m);
- Basic earnings per share were 6.19 pence (2007: 7.52p);
- Proposed interim dividend of 1 pence per share (2007: 1.5p);
- Cash generated from operations £1.5m (2007: £1.5m);
- Bank interest cover 3.9 times (2007: 4.2 times);
- Business Recovery, representing 25% of group turnover (20% in 2007/8 full year) is growing rapidly and gaining market share;
- Further recruitment of high calibre staff in particular to strengthen Business Recovery and Service Support.
Commenting on outlook, Paul Gourmand, Chairman said:
“Since the start of H2 2009, the Group has performed in line with our expectations. The growth of Business Recovery continues at a faster pace than the rest of the Group as economic conditions become increasingly more challenging. Business Advisory and Consultancy together with Financial Management continue to perform satisfactorily. Our balanced business model positions us to withstand the difficult economic environment ahead and we look forward to the future with confidence.”
View a full copy if the Interim Results for the Six Months Ended 31 October 2008
For further information, please contact:
Paul Jackson, Chief Executive
Paul Ashton, Executive Director, M&A
Vantis plc - 020 7417 0417
Paul Gray
Investec Investment Banking
020 7597 5176
Richard Darby/Chris McMahon
Buchanan Communications
020 7466 5000