Hasgrove look to brighter future
HASGROVE, the AIM-listed public relations, digital marketing and lobbying group, said it is “gaining momentum” after a slow start to the year.
In a trading update for the six months to June 30 the Manchester company said it had scored a number of new business wins, worth around £2m a year, in May and June and it expected the trend to continue.
The management team is confident of achieving its full-year targets.
Hasgrove expects to announce interim figures in September that are likely to show gross income up 0.7% at £13.2m thanks to a £800,000 year-on-year currency benefit.
Pre-exceptional operating profit should come in at around £1.5m, down 40%. The group has continued to pare back costs, although this action has cost £358,000 over the past six months. Net debt has been cut by 28% to £5.4m.
Group chief executive Rod Hyde said: “We knew that the first half would be challenging and we have had to work hard to replace reduced retainers and have a concerted new business effort. We have also very actively managed our cash and cost base.
“I am pleased to say that this effort is now being rewarded. We are confident that the second half will be strong and, on an annualised basis, we are now almost back to where we were last year, despite the fact that current trading conditions remain demanding.”
Hasgrove has four main divisions: marketing business Amaze; a graphic design agency called The Chase; corporate affairs consultancy Interel; and internet company Odyssey interactive.
