In the Interim Report, the Company stated that there was limited visibility prior to the Comprehensive Spending Review which was announced on 20th October.
Following the announcement of this Review, the Board has reviewed the latest forecast trading outcome for the year ending 31st December 2010. While the majority of the Political business has performed well in the year and will show good revenue growth, the effects of the cuts in government spending have been deeper than expected at the time of the Interim Report within our Civil Service training business.
While there is significant opportunity in 2011 and beyond as a result of the plans to outsource training & development within the Civil Service, the short term effect of the cuts in training budgets have resulted in a significant fall in revenue and contribution from this area of the business and it is now clear that this will continue for the remainder of the year. Our training business remains both profitable and substantial.
Accordingly, the Directors now anticipate that the full year results, whilst representing a good performance from the core business, will fall materially short of their previous expectations.
For further information, please contact:
Dods (Group) PLC
020 7811 5026
Kevin Hand, Non-Executive Chairman
Gerry Murray, Chief Executive Officer
Rupert Levy, Group Finance Director
Brewin Dolphin Limited (NOMAD)
0131 225 2566
Sandy Fraser