REG - React Group PLC - AGM Statement

ReactAnnouncement

21/03/2023 07:00

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RNS Number : 5817T  React Group PLC  21 March 2023

21 March 2023

 

REACT Group plc

 

("REACT", the "Group" or the "Company")

 

AGM Statement

 

REACT Group plc (AIM: REAT.L), the leading specialist cleaning, hygiene, and
decontamination company, will today hold its Annual General Meeting ("AGM") at
midday in the ABBOTTS SUITE, Novotel London Blackfriars, 46 Blackfriars Road,
London SE1 8NZ.

 

Shareholders will be able to participate in the AGM via the Investor Meet
Company ("IMC") platform however shareholders will not be able to vote at the
meeting as voting on all resolutions was conducted by way of proxy and the
deadline for proxy votes to be received has now passed. Shareholders wishing
to participate in the virtual AGM should sign up to IMC for free ahead of the
AGM via: https://www.investormeetcompany.com/react-group-plc/register-investor
(https://www.investormeetcompany.com/react-group-plc/register-investor) and
request to meet the Company. Once registered, shareholders will automatically
be emailed an invitation which they should accept in order to receive a unique
link to access the AGM.

 

Mark Braund, Executive Chairman, will make the following statement at the AGM:

 

"When we announced the Group's results for the year ended 30 September 2022 in
February, the Board noted the new financial year had started positively with
the first quarter delivering a record performance. Notably the Group has
benefitted from its ability to cross sell other business services into
existing and new customers. Evidence of this is the recent contract win, with
an estimated value of £800k in the current financial year, to provide
services, through a coordinated programme from all three segments of the
business to a large fast-service food restaurant across all its sites in the
UK. This positive contract win momentum has continued, with good sales growth
in all three divisions of the business.

 

LaddersFree, one of the largest commercial window cleaning businesses in the
UK, continues to have strong sales performance with recent notable contract
wins including a prestigious nationwide furniture retailer and another
restaurant group with some of the UK's best known brands. LaddersFree is
benefitting from a mix of national and local customers enabling it to deliver
material growth for the Group.

 

Fidelis experienced a slightly slower start to the year but has since won some
significant new contract awards. A £500k 18-month contract with a sizeable
Midlands-based school has been agreed alongside numerous contract renewals
which include another school worth around £540k over three years and an
annual contract with an NHS Trust worth almost £200k.

 

The REACT business which provides a solution to often urgent one-off
situations has had a steady period in which it has won new contracts to carry
out high-end cleaning projects for established facilities management
businesses, schools and universities. These ad hoc contracts can be valuable
but by definition are less dependable.

 

The Group continues to benefit from further cross-selling opportunities and
the pipeline of new business is strong. Whilst we are witnessing good demand
for our services, the Board is continually mindful of the economic
environment, particularly in the retail and hospitality sectors and therefore
views the future with cautious optimism."

 

 

For more information:

 

 REACT Group Plc                             Tel: +44 (0) 1283 550 503

 Shaun Doak, Chief Executive Officer

 Andrea Pankhurst, Chief Financial Officer

 Mark Braund, Chairman

 Singer Capital Markets                      Tel: +44 (0) 207 496 3000

 (Nominated Adviser / Broker)

 James Moat / Philip Davies

 IFC Advisory                                Tel: +44 (0) 20 3934 6630

 (Financial PR / IR)

 Graham Herring / Zach Cohen

 

 

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