Fairpoint Group Plc
Fairpoint Group plc: Trading update (news with additional features)
Fairpoint Group plc / Miscellaneous Fairpoint Group plc Trading update and Notice of Half Year Results
Fairpoint Group plc (‘Fairpoint’ or ‘the Group’), one of the UK’s leading providers of consumer professional services, today issues a trading update on the Group’s performance for the six months ended 30 June 2015, ahead of announcing its half year results on Thursday, 3 September 2015. – Legal Services: Simpson Millar LLP, the Group’s consumer legal services business, has performed well compared to its prior year (when it was not part of the Group) and is now the Group’s largest single source of income. We are also pleased to announce separately today substantial progress on our objective of creating a top 5 UK consumer legal services business, with the acquisition of the trade and assets of Colemans-CTTS LLP, CT Support Services Limited and the entire ordinary share capital of Holiday TravelWatch Limited (together referred to as ‘Colemans’). Colemans provides us with a class leading platform for the provision of volume legal services and in its last financial year ended 30 April 2015 (unaudited) delivered revenues of £19m. On a pro-forma basis Legal Services is now expected to generate the majority of income to the Group. – IVA: As expected, market conditions in the Group’s debt solutions market remain challenging, with the volume of new IVA solutions in England and Wales falling by 23.5% in the first quarter of 2015 compared to the same period last year (Source: The Insolvency Service); the Group therefore continues to focus on delivering good margins, cash generation and not writing uneconomic business.
– DMP: Revenues are broadly flat when compared to the same period last year. This largely reflects the absence of acquisition activity in the current year as the Group continues to favour deployment of capital towards developing the Legal Services business, given the significant opportunities available and as the evolution of the DMP market remains unclear. – Claims: Our claims management activities are broadly in line with the same period last year, with good growth from our in house claims management services offset by a reduction in IVA related claims activity. +++++ Additional features: Document: http://n.equitystory.com/c/fncls.ssp?u=RYQMFQWFBV Document title: Trading Statement – 03 Aug 2015 0705 03-Aug-2015 The EQS Distribution Services include Regulatory Announcements as well as Financial and Media Releases. Media archive at www.dgap.de/ukreg |
Language: | English | |
Company: | Fairpoint Group plc | |
United Kingdom | ||
ISIN: | GB0032360280 | |
WKN: | 911565 | |
Category Code: | MSC | |
TIDM: | 349N | |
Sequence Number: | 0 | |
Time of Receipt: | ||
End of Announcement | EQS News Service |
394023 03-Aug-2015 |