AGM Statement
May 06 2003 - 5:01AM
UK Regulatory
RNS Number:7241K
SHL Group PLC
06 May 2003
For Immediate Release 6 May 2003
SHL Group plc
AGM Statement
At the Annual General Meeting of the SHL Group plc held today, Chairman Neville
Bain said :
'As with many companies in our sector, trading conditions continue to be
difficult.
Trading in the first quarter generated revenue in line with the same period last
year although this has been achieved at the cost of some margin erosion.
Economic conditions in a number of the regions in which we trade are showing
some deterioration, particularly in Europe and in Asia Pacific, and this has
some impact on our outlook for 2003 overall. Whilst the Board believes that
profits will be in line with market expectations, economic conditions,
particularly in Asia are uncertain and any further downturn could have a
detrimental impact on our business.
The focus of management continues to be on driving business through product
sales and web-based delivery. Our on-line bureau sales and on-line ability
tests are showing encouraging signs of growth and are assisting in the overall
growth of our web-based delivery.
Year to date consulting revenues are slightly down on last year and the key to
the business continues to be managing utilisation, although clearly there is a
lead time to reducing costs in line with revenues. It is not intended that there
will be any significant restructuring and we continue to exercise tight control
on discretionary costs while supporting our strategy through continued
investment in SHL's product development .
As you know, my contract comes to an end on 11 May, and as a consequence this
will be my last AGM. There has been significant progress in the search for a new
chairman and we hope to be able to make an announcement in the near future. In
the meantime, Nigel McGinley will take the role of Chairman on a temporary
basis.
2003 will be another tough year for SHL, with the outlook uncertain and very
dependent on macro economic conditions. I know that management is focussed on
improving shareholder value and building a business that will be well positioned
to take advantage of the upturn when it comes. I would like to take the
opportunity to thank all who have worked with me at SHL over the last 6 years
and wish you luck in the future.'
For further information, please contact:
SHL Group plc 020 8335 8184
John Bateman
Emma Lancaster
Buchanan Communications 020 7466 5000
Tim Anderson
This information is provided by RNS
The company news service from the London Stock Exchange
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