Company and Trading Update

RNS Number : 7549M

MJ Hudson Group PLC

16 January 2023

 

MJ Hudson Group plc

(the "Company", "Group" or "MJ Hudson")

Company and trading update

MJ Hudson Group plc (AIM:MJH), the specialist service provider to the asset management industry, announces that, further to the announcement on 12 December 2022, the Company continues work to achieve the necessary clarity on its full year 2022 financials and will update shareholders as soon as it is in a position to do so.

In addition, the Company notes that it has received a number of inbound indications of interest for certain divisions of the business and has engaged advisers Alvarez & Marsal to look at a potential sale of one or a number of its business lines. In addition to demonstrating the value within MJ Hudson's operating businesses, the board believes that such transactions would provide the best opportunity to strengthen the Group's balance sheet by reducing its debt and to ensure that it has adequate working capital in the medium term. The Company will update the market in due course if there is any progress in this matter.

Trading in all the divisions continues, although t he latter part of 2022 saw a slowing of fund raising activity and general transaction work for our clients which also resulted in lower activity for the related business units.  The Board is looking at areas to reduce costs as well as measures to strengthen the balance sheet and improve the free cash position. To this end, the Company has appointed an experienced interim chief financial officer, Ran Oren, to run this process, assess restructuring opportunities and to work closely with its key stakeholders, including its senior lender. 

This announcement contains inside information.

For further information, please contact:

MJ Hudson Group plc

Geoff Miller, Executive Chairman

Matthew Hudson, CEO

[phone]

Joe Page, Alvarez & Marsal

[e-mail]

Cenkos Securities plc (Nomad and Broker)

Giles Balleny

Stephen Keys

Callum Davidson

[phone]

Buchanan (PR Adviser)

Chris Lane

Jack Devoy

George Cleary

[phone]

[e-mail]

 

END

 

 

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