Trading Statement
16 September 2009
Jelf Group plc, an independent corporate brokerage which supports businesses and related individuals, will announce its preliminary results for the year ended 30 September 2009 in January 2010.
The Board is able to provide the following trading update.
The Group has traded strongly during the period with revenues expected to be in line with market expectations. Challenging market conditions caused by the economic downturn have continued to impact margins, with profits (earnings before interest, tax, depreciation, amortisation and exceptionals) expected to be below market expectations. Nevertheless, the Group continues to produce strong operating cash flows and has used these to reduce liabilities and improve the net debt position of its balance sheet ahead of expectations. As at 31 August 2009, net debt stood at £33 million, down from £37 million at 31 March 2009.
The focus on reducing costs through rationalising structures and improving efficiencies continues and the Directors believe that this will ensure that the Group is better placed to return to growth for future years.
Jelf Group plc
Alex Alway, Group Chief Executive
Tel: 01454 272 713
Cenkos Securities plc
Stephen Keys
Tel: 020 7397 8924