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1700 Group PLC (1700)

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Thursday 30 October, 2008

1700 Group PLC

AGM Trading Update

RNS Number : 9961G
1700 Group PLC
30 October 2008
 




30 October 2008    



1700 Group Plc

(the 'Company')


AGM Trading Update



The Board of 1700 Group Plc, the specialist Media and Publishing recruitment group, incorporating Hamblyn Selection Limited and Inspired Selection Limited, (together the 'Group'), will make the following trading update at its Annual General Meeting to be held later today.


Hamblyn, the Group's Media recruitment subsidiary, has been affected by recruitment freezes, recently introduced by the global advertising groups, reacting to a reduction in anticipated advertising spend. As a consequence, the Board has taken swift and decisive action to reduce the number of staff employed by Hamblyn until such time as there are signs of improvement.  


To date, the level of recruitment in the publishing sector has been affected but not to the same extent. Although the Group remains profitable and is cash generative, the results for the year to 31 March 2009 will be lower than current market expectations.




Contacts for further enquiries:


Steve Hyde,

Group CEO    020 7440 1505


Gerry Beaney / Fiona Kindness, Grant Thornton UK LLP

(Nominated Advisor)    020 7383 5100


Ian Callaway / Peter Manfield, SVS Securities plc

(Broker)    020 7638 5600




 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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