REG - MJ Hudson Group PLC - Company and Trading Update

MJ HudsonAnnouncement

16/01/2023 07:00

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RNS Number : 7549M  MJ Hudson Group PLC  16 January 2023

MJ Hudson Group plc

(the "Company", "Group" or "MJ Hudson")

 

Company and trading update

 

 

MJ Hudson Group plc (AIM:MJH), the specialist service provider to the asset
management industry, announces that, further to the announcement on 12
December 2022, the Company continues work to achieve the necessary clarity on
its full year 2022 financials and will update shareholders as soon as it is in
a position to do so.

 

In addition, the Company notes that it has received a number of inbound
indications of interest for certain divisions of the business and has engaged
advisers Alvarez & Marsal to look at a potential sale of one or a number
of its business lines. In addition to demonstrating the value within MJ
Hudson's operating businesses, the board believes that such transactions would
provide the best opportunity to strengthen the Group's balance sheet by
reducing its debt and to ensure that it has adequate working capital in the
medium term. The Company will update the market in due course if there is any
progress in this matter.

 

Trading in all the divisions continues, although the latter part of 2022 saw a
slowing of fund raising activity and general transaction work for our clients
which also resulted in lower activity for the related business units.  The
Board is looking at areas to reduce costs as well as measures to strengthen
the balance sheet and improve the free cash position. To this end, the Company
has appointed an experienced interim chief financial officer, Ran Oren, to run
this process, assess restructuring opportunities and to work closely with its
key stakeholders, including its senior lender.

 

This announcement contains inside information.

 

For further information, please contact:

 

MJ Hudson Group plc

Geoff Miller, Executive Chairman

 

Matthew Hudson, CEO

+44 20 3463 3200

 

Joe Page, Alvarez & Marsal

jpage@alvarezandmarsal.com

 

Cenkos Securities plc (Nomad and Broker)

Giles Balleny

Stephen Keys

Callum Davidson

+44 20 7397 8900

 

Buchanan (PR Adviser)

Chris Lane

Jack Devoy

George Cleary

+44 20 7466 5000

mjhudson@buchanan.uk.com

 

 

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