TIDMSAVG

RNS Number : 6055O

Savile Group PLC

23 September 2013

Savile Group plc

Trading update

On 6 August 2013, the Board announced that the performance of the Group had improved in the second half of the financial year ended 30 June 2013 resulting in it trading profitably in that period.

The first quarter of the current financial year has seen a significant downturn in expected activity in Fairplace, the Group's corporate transition business, which represents around 70% of Group sales. This business saw an unusually quiet July and August and the expected pick up in September after the Summer break is both slower and delayed as a result of which the Group will incur a significant loss in these months. The Board will monitor progress in Fairplace carefully in the coming months.

In response, the Board is taking immediate steps to align costs with lower activity levels and is exploring other steps to reduce costs. The reduced sales and losses have had a commensurate adverse impact on the Group's cash reserves. The Board is examining options to provide additional funding for the Group.

Enquiries

   Savile Group plc                                 020 7204 6990

David Harrel, Chairman

Mark Sidlin, CFO

   Cairn Financial Advisers LLP          020 7148 7900

Nominated Adviser

Tony Rawlinson

This information is provided by RNS

The company news service from the London Stock Exchange

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