Chairman's AGM Statement

HW GROUP PLC 3 September 1999 HW Group PLC ('HW Group' or the 'Company') Chairman's AGM Statement HW Group, the specialist professional recruitment consultancy, held its Annual General Meeting earlier today. Richard Mead, Chairman of HW Group made the following statement at the meeting: 'The implementation of Project Darwin, the major reorganisation of our business, has gone well. Project Darwin aims to encourage greater cross selling of our recruitment services to all our clients and to accelerate the Company's expansion. The benefits are now being clearly seen across the Company, as indeed are those related to our increasingly sophisticated use of technology, particularly with regard to our Internet presence. At the time of the announcement of the Company's preliminary results in June 1999 I warned shareholders that economic uncertainty was causing many of our clients to act cautiously. Whilst our revenues in respect of contract staff have been in line with budget, continuing caution has dominated the permanent recruitment market, with the result that the Company's overall operating profits for the first five months of the current year have been disappointing. However, activity in the permanent market has picked up strongly in recent weeks and, with HW Group in a strong financial position with no net borrowings, we are excellently positioned to take advantage of any future growth.' All the resolutions at the AGM were duly passed. For further information please contact: Graham Palfery- HW Group PLC 0171 240 2101 Smith, Chief Executive Andy Yeo Buchanan Communications 0171 466 5000
UK 100

Latest directors dealings