Trading Statement
28 5월 2010 - 3:01PM
UK Regulatory
TIDMBQS
RNS Number : 6884M
Baqus Group PLC
28 May 2010
For Immediate Release
28 May 2010
BAQUS GROUP PLC
("Baqus" or "the Group")
Trading Update
Baqus Group plc, one of the leading building consultancy and quantity surveying
groups, announces the following trading update in advance of its year end on 30
June 2010.
As previously detailed in the Group's interim results on 24 March 2010, trading
in the construction industry remains challenging with lead times on certain
projects being extended. This slow-down has been increasingly pronounced since
the result of the General Election and the continued lack of bank lending for
construction schemes.
The Group continues to maintain a tight control over its cost base; however,
with this increased slow-down, the Group now expects results for the year ending
30 June 2010 to be below current market expectations.
Baqus has a positive cash position and still has access to an undrawn overdraft
facility totaling GBP0.5 million.
Commenting on the trading update, Clive Sayer, Chief Executive of Baqus Group,
said: "Trading conditions in the construction industry remain challenging. Our
focus remains to move to a break-even position over the next financial year
whilst retaining the Group's core expertise and skill base to ensure that we are
in a strong position to benefit from any improvement in market conditions."
Contact:
Baqus Group plc
Clive Sayer (Chief Executive)
07967 132 221
Patrick Lineen (Finance Director)
07818 034 452
Seymour Pierce (Nominated Adviser and Broker)
Mark Percy / David Foreman 020
7107 8000
Cubitt Consulting (Financial Public Relations Advisers)
Chris Lane / James Verstringhe 020
7367 5100
Background Note:
Baqus was admitted to trading on AIM on the 14 December 2007, having raised
GBP1.75 million through a placing of 17,500,000 Ordinary Shares.
Baqus is a national building consultancy and quantity surveying group offering
construction cost consultancy, project management and building surveying
services to clients in the UK. The Group works across a number of business
sectors including: health, education, leisure, hospitality, affordable housing,
residential, commercial and conservation. Clients include local authorities,
central government, NHS, residential Housing Associations, commercial companies
and developers.
The Quantity Surveying Market in the UK, estimated to be worth in excess of GBP1
billion, is highly fragmented and dominated by a small number of major players,
which the Baqus Group Directors believe make it ripe for consolidation. Since
the Group's admission to AIM, they have been pursuing a strategy of acquiring
small to medium sized Quantity Surveying practices across the country, the most
recent of which is Nigel Rose Group. Previous activity includes the acquisition
of Sworn King and Partners in 2008. Once acquired, the practices are
incorporated into the wider Group with a particular emphasis on exploiting
opportunities for operational synergies with existing business units.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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