AVESCO GROUP plc Preliminary Results

AVESCO GROUP plc Preliminary Results

Avesco Group plc, the international provider of services to the corporate presentation, entertainment and broadcast markets, announces its preliminary results for the year ended 30 September 2011.

KEY HIGHLIGHTS

  • Revenue up 7% to £125.5m (2010: £117.2m)
  • Trading EBITDA of £20.3m (2010: £19.7m)*
  • Trading profit of £2.3m (2010: £1.3m)*
  • Operating profit of £1.5m (2010: loss of £0.8m)
  • Adjusted basic earnings per share of 2.6p (2010: losses per share of 1.2p)*
  • Net cash inflow of £1.7m (2010: £7.4m)
  • Final dividend tripled to 3.0p per share (2010: 1.0p)

 * As described in note 8, the Group uses certain non-GAAP alternative measures to assess underlying operating performance.

Ian Martin, Chief Executive, commented: "The 12 months ended 30 September 2011 have witnessed another period of strong growth for the Avesco Group.  This performance reflects various strategic decisions and actions that we have taken over the last few years to develop the Group to meet the challenges and requirements of a global economy with a more international spread of customers and events across the globe.

Moving forward into 2012, we have good reason to believe it will be a year of significant progress for the Group. Although the economic conditions look uncertain, we have substantial forward momentum and the additional benefit of many large events this year.

Our strategy continues to be centred around the organic growth and development of the business. Since 2005, the Group has grown revenues at around 15% annually while maintaining a strong, conservative financial structure with modest levels of debt.

Longer term, we believe that Avesco is well placed to meet any of the shifts in our market and to continue to grow by building on our international network, adding additional services, retaining our culture, maintaining a strong balance sheet and never forgetting to give our customers a world-class service."

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