SMC Smc Grp

    RNS Number : 4930X
  SMC Group Plc
  25 June 2008
   

    25th June 2008

    SMC Group Plc ("SMC" or "the Company" or "the Group")

    Directorate Change, Trading Update and AGM Statement

    Directorate Change
    SMC Group Plc the architects and design business, is pleased to announce the appointment of Chris Littlemore, the current Managing
Director, as Chief Executive Officer with immediate effect. Chris has been Managing Director since 1st February 2008 and has been
instrumental in driving and delivering the successful restructuring of the business, following the completion in January 2008 of the open
offer which raised �15.1m.

    As a result, Sir Rodney Walker will revert back to his role as Non Executive Chairman with immediate effect, after a period of being
Executive Chairman. 

    Trading update
    In addition, the Group is pleased to announce that it has agreed new funding arrangements with its bankers HBOS, delivering more
favourable terms, on the reduced level of debt facilities now required by the Group. The new arrangements include a structured re-payment of
term and overdraft facilities over five years and will provide savings on interest payments over the period.

    The Group has been able to improve the defensive characteristics of its general business profile over the last few months and is pleased
to confirm that despite the widely reported uncertainty in the property and construction markets, it continues to deliver robust trading
with commissions ongoing in the UK and overseas across a wide spread of sectors, funded by private and public organisations. The Group is
however alive to the prospect of a downturn and appropriate plans have been put in place should the Group be affected. 

    The Group is particularly pleased to report the substantial growth and expansion of its operations in Asia and together with the
potential to expand in the Middle East, the board believes that both markets offer significant future growth potential. The Group is pleased
to report that during the past year a total of four 'Cityscape' awards have been won for large urban mixed use projects in Asia and has
recently been nominated for a further award for the 'Raffles City' project in Ningbo, China. This demonstrates and affirms the high quality
and recognition of the work being produced by the group in the international arena.

    The Group is delivering the harmonisation and unification aspects of its new business plan, which is bringing benefits of improved group
functions in Accountancy, Marketing, HR and IT together with regionalisation and control of the business in the UK. This will deliver cost
savings within the organisation without affecting the technical expertise or scale of the resource. These actions will assist in the current
UK market conditions and will provide a national platform for the unification of the business now and its growth in the future. 

    AGM Statement
    The Group is also pleased to announce that all resolutions at the Company's Annual General Meeting held earlier today, apart from
resolutions eight and nine which were withdrawn by the Company prior to the meeting and not tabled, were duly passed.  

    Chris Littlemore, newly appointed CEO commented:
    "Since February, the company has moved forwards establishing and delivering against a firm business plan.  We are capitalising on the
strengths of each individual element of the group to create a whole that is greater than the sum of its parts. This is an exciting process
and is one that I believe will bear fruit in the short, medium and long term.

    "I speak on behalf of the entire Board in recognising the significant and vital contribution made to the company by Sir Rodney Walker
during his tenure as Executive Chairman.  I would like to thank Sir Rodney for his input and leadership during a difficult time for the
business.  I am grateful for the confidence shown in me by the board and I look forward to the challenge of this new role."

    Ends

    For further information:

    SMC Group Plc Tel: +44 (0)20 7580 0400
    Chris Littlemore/Rob Boardman

    Numis Securities Limited Tel: +44 (0)20 7260 1000
    Stuart Skinner/Brent Nabbs/James Serjeant

    Financial Dynamics Tel: +44 (0)20 7831 3113
    Jonathon Brill/Billy Clegg/Caroline Stewart/Annie Evangeli


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