Vantis, the AIM listed accountancy and professional services group is pleased to report on its trading progress, prior to entering the close period in respect of the financial year ended 30 April 2008.
Preliminary results for the financial year ended 30 April 2008 are due to be announced on Wednesday 23 July, 2008 in accordance with the Group’s usual timetable and are expected to be in line with market expectations.
The Group has performed well in a more difficult business environment and has continued to improve service quality, engagement selection and average fee per client whilst continuing to focus on higher quality earnings. Business advisory, taxation, business recovery, and independent financial advisory services have continued to grow strongly. Market conditions have been more challenging for corporate finance, and for some of the other specialist consultancy divisions providing opportunities for surplus resource to be shared in other business lines that have performed more strongly. Operating margins have been sustained despite continuing investment in central services.
The acquisition of the non-audit business of Brewer Higgins, announced on 18 March 2008, has been integrated into the Group’s Beaconsfield office, strengthening the regional presence of Vantis in the Thames Valley. The acquisition is also providing Brewer Higgins’ clients with access to a broader and more specialist range of services.
Cash inflow from operating activities is significantly ahead in H2 2008 compared with the first half, as a result of substantial improvements in working capital management. Net bank debt at 30 April 2008 amounted to £31.5 million, comfortably below market estimates. Total banking facilities remain at £44 million.
The increasing strength of the brand has ensured a steady stream of opportunities in terms of new business and potential recruits. Collaborative working between staff and cross-referral of business between our main service lines has continued to be encouraging.
For further information, please contact:
Paul Jackson, Chief Executive
Paul Ashton, Executive Director
Vantis plc 020 7417 0417
Richard Darby/James Strong
Buchanan Communications 020 7466 5000