EVG Evgen Pharma Plc

TIDMEVG

RNS Number : 4613W

Evolution Group PLC

19 November 2010

Embargoed until 7.00am 19 November 2010

The Evolution Group Plc

("Evolution Group", "the Group")

Interim Management Statement

Evolution Group, the listed investment bank and private client investment manager, today issues its Interim Management Statement for the period from 1 July 2010 to date, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

Despite ongoing difficult market conditions, the Group continues to trade profitably, generate cash earnings and preserve its strong balance sheet.

Although secondary market client activity in both equities and fixed income remains subdued, corporate income for the period to 31 October is ahead of the first half run rate, and the business continues to win high quality new clients and mandates.

Significant progress is being made in the debt advisory and origination business, which has won four advisory mandates in the period.

In line with market forecasts, full year investment banking profit will be significantly lower than 2009, as a result of fixed income revenues being much reduced on an exceptionally good prior year and tougher equity market trading conditions.

Private client income is in line with the first half run rate and profit continues to be strongly ahead of 2009, driven by a further 9% growth in assets under management from 30 June 2010 to GBP5.5bn.

Operating costs are being tightly managed to ensure investment in the business continues at the same time as protecting current profitability.

Forward looking statements

This interim management statement may contain forward-looking statements with respect to the financial condition, results, operations and businesses of the Evolution Group plc. Such statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by forward-looking statements and forecasts. Forward-looking statements and forecasts are based on the Directors' current view and information known to them at the date of this statement. The Directors do not make any undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Nothing in this interim management statement should be construed as a profit forecast.

-Ends-

For further information, please contact:

 
The Evolution Group Plc 
 Alex Snow, Chief Executive Officer 
 Andrew Westenberger, Finance Director   020 7071 4300 
 
Merlin Financial 
Charles Cook, Director                   020 7726 8400 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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