CB. Cbg Group

 

TIDMCB. 
 
RNS Number : 0964R 
CBG Group Plc 
16 August 2010 
 
                                                                  16 August 2010 
 
                                 CBG GROUP PLC 
                                ("The Company") 
                                   (AIM: CB.) 
                              PRE CLOSE STATEMENT 
 
CBG Group plc ("the Company"),the Manchester based insurance broker and 
financial services specialist, provides the following update on Group trading in 
advance of its half year results, for the six months ended 30 June 2010, to be 
published on 14 September 2010. 
 
Trading update 
The trading environment has remained challenging and is expected to remain so 
during the rest of 2010. The Group has managed its cost base and balance sheet 
well during this difficult economic cycle reducing net debt by 25.0% having 
satisfied all deferred consideration payments from operating cash flow. 
 
We remain confident of achieving a satisfactory result for 2010, which will be 
comparable to 2009. Management actions, which have already reduced operating 
costs, have helped to offset pressure on revenues and increased the broking 
profit margin. This will continue and may result in further cost savings but is 
not likely to be sufficient to achieve the current market expectations for the 
full year. 
 
The half year results will contain a detailed disclosure of a restatement of the 
half year results for the six month period ended 30 June 2009 as a result of an 
incorrect accounting treatment of advance commission received pursuant to the 
agreement reached with Close Premium Finance dated 29 May 2009. 
 
This restatement of the period is necessary to enable a like for like comparison 
of trading and to report the interim results in line with the accounting 
treatment of the advanced commission for the full year. No adjustments are 
necessary to the audited financial statements for the year ended 31 December 
2009. 
 
Comment 
Commenting on the pre-close statement, Mike Askew, Group Managing Director, 
said: 
 
"The indications are that this year will be another tough year for our industry 
and we will continue to do the right things for the success of the Group and the 
delivery of longer term shareholder value." 
 
 
+----------------------------------------+-------------------+ 
|                                        |                   | 
+----------------------------------------+-------------------+ 
| Enquiries                              |                   | 
+----------------------------------------+-------------------+ 
|                                        |                   | 
+----------------------------------------+-------------------+ 
| CBG Group plc                          |     0161 920 0200 | 
+----------------------------------------+-------------------+ 
| Mike Askew, Group Managing Director    |      07720 400356 | 
+----------------------------------------+-------------------+ 
| Martyn Hughes, Group Finance Director  |      07734 543454 | 
+----------------------------------------+-------------------+ 
| www.cbg-group.co.uk                    |                   | 
+----------------------------------------+-------------------+ 
|                                        |                   | 
+----------------------------------------+-------------------+ 
| Zeus Capital (Nomad & Broker)          |     0161 831 1512 | 
+----------------------------------------+-------------------+ 
| Alex Clarkson                          |                   | 
+----------------------------------------+-------------------+ 
|                                        |                   | 
+----------------------------------------+-------------------+ 
| Daniel Stewart & Company plc (Joint    |     020 7776 6550 | 
| Broker)                                |                   | 
+----------------------------------------+-------------------+ 
| Martin Lampshire                       |                   | 
+----------------------------------------+-------------------+ 
|                                        |                   | 
+----------------------------------------+-------------------+ 
| Bishopsgate Communications Ltd         |     020 7562 3350 | 
+----------------------------------------+-------------------+ 
| Nick Rome / Laura Stevens              |                   | 
+----------------------------------------+-------------------+ 
|                                        |                   | 
+----------------------------------------+-------------------+ 
 
                                   ---ends--- 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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