Cleardebt Group PLC
02 November 2007
ClearDebt Group Plc ('ClearDebt' or 'the Group')
AGM Trading Update
Highlights
- Following the acquisition of Abacus, 36 IVAs passed in the period July-
September 2007, an increase of 16% over the previous quarter
- Positive outlook for the beginning of the current quarter - considerable
pipeline suggests growth to continue
At today's AGM, David Mond, CEO of ClearDebt, the AIM-quoted debt resolution
provider, presented a trading update for the three months ended 30 September
2007.
Trading results are beginning to show signs for optimism, with quarter on
quarter growth of 16% in IVAs passed, following the acquisition of Abacus. Given
the well-publicised complications in the market, not least between many IVA
providers and the major creditor institutions, this increase, coupled with the
predicted growth for the next quarter, is encouraging.
Trading in October in particular was very positive, with 24 IVAs passed. This
return to historic levels of trading is cautiously predicted to continue, with
an increase across all levels of the IVA process providing an attractive, but as
yet unrealised, pipeline.
The Abacus acquisition is now proving its value to the Group, with an increase
in positive cash flows through both debt management plans and IVA referrals.
David Mond, CEO of ClearDebt, commented:
'We are cautiously optimistic, after having posted quarter on quarter growth.
Whilst I would not say that the battle is won, these figures give us reason to
believe that we can build on our success and develop ClearDebt into a
successful, multi-product consumer debt advisory company.'
-ends-
For further information, please contact:
David Mond, ClearDebt Group plc Tel: 0161 969 2030
David Youngman, WH Ireland Limited Tel: 0161 832 2174
(Nominated adviser)
Ruari McGirr, St Helen's Capital Plc Tel: 020 7628 5582
(Broker)
Paddy Blewer
Richard Pearson, College Hill Associates Tel: 020 7457 2020
(Financial PR)
This information is provided by RNS
The company news service from the London Stock Exchange
