Vantis, the accounting, tax and business recovery group, issues the following update on current trading prior to entering its pre-close period in respect of the financial year ended 30 April 2009 (‘FY2009’).
In accordance with the Group’s usual timetable, the Preliminary results for FY2009 are due to be announced towards the end of July 2009 and are expected to be in line with market expectations.
The Group continues to show resilience in the current challenging business environment. During FY2009, our Business Recovery Services have shown strong growth, with revenue representing a greater proportion of total group revenue at 29%, up from 20% in FY2008. Further recruitment in the second half of the year has extended our capability in this area, in addition to some reallocation of staff within the Group.
Business Recovery has recently announced that it has been officially named by Order of the High Court of Antigua and Barbuda as Court Appointed Receiver and Liquidator to Stanford International Bank Limited. Further information regarding this can be found at www.vantisplc.com/stanford
Notwithstanding the tough environment for SME’s and the generally cautious nature of UK businesses, Business Advisory has continued to perform in line with our estimates with activity levels remaining satisfactory.
Within Consultancy, Financial Management has performed well as clients have sought advice on where to place their investments during a time of extreme market turbulence. Our Specialist Tax unit has performed satisfactorily. Management continues to focus on the mix of Consultancy Services to ensure that they are best suited to the economic climate so that overall performance is in line with management expectations.
Operating margins were sustained during the second half of the year.
Cash generation remains in line with our internal forecasts and the Group’s net debt position will be at a similar level to the half-year balance reported in January 2009. Cash generation has enabled further investment in developing our growing Business Recovery division.
Given the Group’s defensive counter-cyclical and balanced business model, the Directors remain positive about prospects for the future.
For further information:
Vantis plc
+44 20 7417 0417
Paul Jackson, Chief Executive
Paul Ashton, Executive Director
Investec Investment Banking
+44 20 7597 5970
Martin Smith/Tim Pratelli
Buchanan Communications
+44 20 7466 5000
Richard Darby, James Strong, Chris McMahon