Cleardebt Group PLC
16 October 2006
ClearDebt Group Plc ('ClearDebt' or 'the Group')
AGM Trading Update for the three months ended 30 September 2006
Highlights
- 75 IVAs passed in the period July-September 2006
- As at 30 September 2006, ClearDebt had successfully arranged a total of
263 creditor agreed IVAs since commencement of trading
- Positive outlook for the beginning of the current quarter
At today's AGM, David Mond, CEO of ClearDebt, the AIM quoted IVA provider,
presented a trading update for the three months ended 30 September 2006.
Trading results have been encouraging in the period under review, with 75 IVAs
arranged by ClearDebt and approved by creditors. Whilst this represents a small
decline compared with 82 IVAs arranged in the previous quarter, this was
primarily due to administrative delays experienced in September which have now
been resolved by the recruitment of two experienced operations specialists.
Overall, the directors believe ClearDebt has generated impressive July and
August figures despite reduced marketing spend. It is intended that this policy
will be continued into the next quarter, in order to investigate the effects of
marketing expenditure.
All resolutions were duly approved at the AGM.
David Mond, CEO of ClearDebt commented,
'I am extremely encouraged by our corporate development, gaining more web hits
despite reducing our marketing spend. We have also developed more efficient
systems, which will allow the Group to process more IVAs at a lower cost, and
are already seeing positive results coming through.
Whilst best ever July and August figures were slightly spoiled by the delays in
September, we are confident that we will be able to use the build-up of IVAs to
make progress during the current quarter.'
-ends-
For further information please contact
ClearDebt Group
David Mond, CEO 0161 228 7444
Andrew Smith, Director of Marketing 0161 244 5344
College Hill
Paddy Blewer 020 7457 2020
WH Ireland
David Youngman 0161 832 2174
Note for Editors:
ClearDebt aims to provide the most transparent and ethical service to debtors,
at the lowest cost - giving many more people the opportunity to arrange an IVA
than has been possible before. All customer-facing staff have been specifically
trained in IVA provisions and all have insolvency practice experience: we are
not a call centre, nor do we employ call centre type operatives.
ClearDebt's principles include providing best advice wherever possible to all
debtors: Where the facts indicate an IVA is the right solution we will provide
advice and support - but never pressure - to the debtor. Where the facts
indicate other solutions we'll point the debtor in the right direction.
This information is provided by RNS
The company news service from the London Stock Exchange
