21 Jan 2009 07:00
21 January 2009
Huntsworth plc
("Huntsworth" or "the Group")
Trading update for the year ended 31 December 2008
Management expects 2008 results to be in line with market expectations
Executive Directors have waived 2008 cash bonuses in consideration for awards over shares vesting in 2011 and 2012
Huntsworth plc, the international public relations and healthcare communications group, today announces a pre-close trading update for the year ended 31 December 2008.
Despite the challenging economic conditions, the Group has continued to perform well. Revenues, pre and post central cost margins are all in line with expectations and year end debt is expected to be lower than market expectations. As a result the Group expects to report underlying profit before tax and underlying earnings per share in line with market expectations.
In December 2008, Directors bought 3,999,124 Huntsworth shares at prices ranging from 24p to 32.25p for a total consideration of £968,000.
Additionally, Lord Chadlington, Group Chief Executive, Sally Withey, Group Chief Operating Officer and Tymon Broadhead, Group Finance Director have waived their entitlement to cash bonuses under the Company's 2008 annual bonus plan up to £764,250 in total. As a clear sign of the Board's confidence in the value and growth prospects of the Group, the Remuneration Committee will consider granting awards over shares in Huntsworth plc which will vest in March 2011 and 2012 under a new deferred share bonus plan. Further details of the deferred share bonus plan are to be finalised and will be published with the preliminary results for the year ended 31 December 2008 which are expected to be announced on 23 March 2009.
Outlook
While the Group remains realistically cautious about the global economic environment, the 2009 budgets from Group companies around the world indicate another good performance for this year. Over 70% of the Group's budgeted 2009 revenues are already committed. New contracts awarded in the last three months have been particularly strong in healthcare communications in the US and in consumer and corporate work in the UK and Europe.
Enquiries to:
Huntsworth PLC +44 (0)207 224 8778
Peter Chadlington, Group Chief Executive
Sally Withey, Chief Operating Officer
Citigate Dewe Rogerson +44 (0)20 7638 9571
Simon Rigby
George Cazenove