AGM Statement

RNS Number : 9833J
  
Cleardebt Group PLC
  
12 December 2008
  
 
ClearDebt Group Plc ('ClearDebt' or 'the Group')

AGM Trading Update

Highlights

 

·         Group trading profitably for the first time since admission to trading on AIM in 
January 2006 

 

·         83 IVAs passed in the period July-September 2008 (2007 - 36), an   increase of 
130% over the comparable period in 2007

 

·         75 IVAs passed in the first two months of current quarter (2007-38), an increase
of 97% over the comparable period in 2007 


 

·         Return to growth trend in IVA cases follows the new IVA protocol reached with 
creditor banks in February 2008 after a period of high rejection rates

 

·         Strong pipeline indicates growth to continue



·         Domestic economic conditions and supportive governmental policy conducive for 
long term IVA and debt management growth





At today's AGM, David Mond, CEO of ClearDebt, the AIM-quoted debt resolution provider, will present a trading update for the four month period since 30 June 2008.


Trading results show that the Group has now become profitable for the first time since the reverse takeover and re-admission to AIM in January 2006. Positive cash flows through three sources: IVAs; debt management plans and IVA referrals from third parties.


Trading in November in particular was very positive, with 40 IVAs passed. This is the highest monthly total achieved by the Group. 


Abacus (Financial Consultants) Limited is living up to expectations and is exceeding targets set at the time of acquisition in July 2007. The impact of new management and stricter controls is proving very positive.


We are hopeful that ClearCash, our new prepaid Visa debit card will provide a further growth driver. This is the first Visa authorised prepaid card combined with a full bill payment service and we are delighted to be working with such a powerful global group as its issuer, Alliance and Leicester/Santander.




David Mond, CEO of ClearDebt, commented:


Given the severe economic background in the UK and the Government's stated intention of ensuring Banks treat customers fairly, we are hopeful that the Group's businesses will continue to make substantial progress in the current year. 


Whilst it is too early to be completely confident, we believe that ClearDebt will continue to grow. With our scaleable model and total commitment to the highest of ethical standards, we look forward to the future with more confidence than at any time since admission.


-ends-




For further information, please contact:






David Mond, ClearDebt Group plc


Tel: 0161 969 2023






David Youngman/Robin Gwyn, WH Ireland Limited
(Nominated Adviser)




Tel: 0161 832 2174




Ruari McGirr, St Helens Capital Plc
(Broker)


Tel: 020 7628 5582







This information is provided by RNS
The company news service from the London Stock Exchange
 
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