AGM Trading Update
Sagentia Group plc (AIM:SAG), the international technology company providing outsourced R&D consultancy services, provides the following trading update ahead of the Company’s Annual General Meeting this morning.
The Group’s preliminary results for 2012 were released on 4 March 2013 when the Board reported that Sagentia had experienced a significant performance improvement in the latter part of the year. The Board are pleased to report that this strong performance has continued in the first part of 2013. In addition, since approximately half of Sagentia’s consultancy sales are made in US Dollars, the Group has also benefitted from the strengthening of the US Dollar against Sterling.
As a result, although the Board remain cautious in the current economic climate and with modest forward visibility typical of a consultancy business, it is now anticipated that first half revenues and profit will comfortably exceed management expectations and the Board is optimistic for the outcome for the current financial year as a whole. Furthermore, Sagentia continues to have a strong balance sheet with gross cash at 30 April 2013 of £20.2 million and net cash of £14.1 million.
The Board also continues to evaluate acquisition opportunities in areas compatible with the Group’s existing consultancy operations, although there can be no certainty that any transaction will be completed.
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For further information:
Sagentia Group plc
Martyn Ratcliffe, Executive Chairman
Tel: +44 (0) 1223 875 200
Neil Elton, Finance Director
Numis Securities Limited
Nominated Adviser: Oliver Cardigan / Simon Willis
Corporate Broking: James Serjeant
Tel: +44 (0) 20 7260 1000
Henry Harrison-Topham / Jamie Hooper
Tel: +44 (0) 20 7398 7719