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MUR - Murgitroyd News Story

670p 0.0  0.0%

Last Trade - 18/12/19

Sector
Industrials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £48.0m
Position in Universe th / 1828

Murgitroyd Group PLC Trading Update

Fri 17th July, 2009 7:00am
TIDMMUR

RNS Number : 8348V
Murgitroyd Group PLC
17 July 2009

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16 July 2009


Murgitroyd Group PLC
("Murgitroyd" or "the Group")


Trading update


Murgitroyd, the European Patent and Trade Mark Attorney practice, is pleased to
announce a trading update for the year ended 31 May 2009.


During the period, Murgitroyd has successfully integrated Raworth Moss & Cook,
acquired on 16 January 2009. Staff, who joined Murgitroyd as part of the
acquisition, have relocated to the Group's office in South London. The new
financial year will see Murgitroyd benefit from a full-year effect of the
acquisition.


As mentioned in the Group's interim statement, the annual revaluation of the
Group's head office building has reflected the general downturn in commercial
property values resulting in an exceptional diminution in value charge being
made against profit. Although secured by Clydesdale Bank, the property's
valuation forms no part of the Group's banking covenants, and no Term Loans
attach specifically to it. The reduction in the property's valuation,
similarly, neither reflects nor impacts the Group's underlying trading
performance and/or prospects.


Notwithstanding pressure on margins, the Group continues to benefit from
economies of scale, and continuing lower interest rates.


The Board can confirm that trading for the second half of the financial year has
been such that the underlying trading result for the full year is anticipated to
be broadly in line with market expectations and remains confident about the
future prospects of the Group.


Despite the ongoing challenging wider economic climate the new financial year
has already seen new business being secured as a result of ongoing business
development initiatives, many from the Group's business development office in
the United States. There are also a healthy number of opportunities to tender
for portfolios of work, albeit very often from potential clients with heightened
cost consciousness.


The company expects to release its results for the year ended 31 May 2009 on or
around 7 September 2009.




For further information please contact:


Keith Young, Chief Executive and Finance Director T: 0141 307 8400
David Ovens, Noble & Company Limited T: 0131 225 9677
Nadja Vetter/Catherine Maitland, Cardew Group T: 020 7930 0777

This information is provided by RNS
The company news service from the London Stock Exchange
END

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