NEWS FROM…
THE ARGYLL CONSULTANCIES PLC
December 5, 2008
Argyll reports results for the six months to September 30, 2008
The Argyll Consultancies PLC today announced its unaudited results for the half year ended September 30, 2008. Turnover at £1m was down by 16% on the same period in the previous year (H1 2007:£1.2m). However, as a result of significant cost savings, particularly at board level, the Company made a profit before tax of £102k and a profit margin of 10.2% (H1 2007: loss of £192k).
Despite the comparative drop in income year-on-year, there have been significant new business wins in the company’s two main sectors food/health and technology, including, Cereal Partners Worldwide and Flip Video.
Further steps were taken in H1 to reduce property costs from H2 onwards. The office suite in Crowthorne, Berkshire has been sub-let until the end of the lease in March 2012, which will result in rental income from October 2008 and the partial write-back of the provision that was established in FY07/08.
Rosemary Brook, Chairman of Argyll, said: “As indicated at the end of the last financial year, the directors’ focus is to deliver sustained profit in the current and future years. This was achieved in Q4 of 07/08 and has been maintained in H1 of 08/09. This remains our focus despite the difficult economic climate in which we are operating.”
In light of the uncertain economic conditions, the Board is not recommending the payment of an interim dividend.
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