UPS Upstream

 

TIDMUPS 
 
RNS Number : 7693L 
Upstream Marketing and Comms Inc. 
16 January 2009 
 

Upstream Marketing and Communications Inc. 
("Upstream" or "the Company") 
 
 
Trading Update 
 
 
The Board of Directors (the "Board") announces an update on the Company's 
current trading and progress against its business plan. 
 
 
Following the Company's Interim Results announced on 23 September 2008, which 
highlighted the uncertainty of the impact of the global economic slowdown, the 
Company has witnessed a further deterioration in market conditions and now 
expect operating profit to fall materially below internal management 
expectations. 
 
 
In the results for the full year ended 31 December 2008, which are expected to 
be announced in June 2009, the Company anticipates reporting a profit before 
tax, partially attributable to non-recurring revenue from the sale of the 
Company's Media Services Asia subsidiary in  May 2008.  However, in the period 
since the interim  results  were announced, there has been a significant 
slowdown in revenue as existing clients and other prospects have held back or 
reduced their usual communications budgets for Q4 2008. Furthermore our current 
sales pipeline indicates that this trend will continue throughout 2009. 
 
 
On this basis, the Board has commenced the implementation of a number of steps 
which it believes will enable the Company to deal with the challenging economic 
environment faced by the Group. These steps include a scaling back of the 
Company's topline business plan, and a reduction in the Company's cost base 
primarily  through a decrease in headcount across the Group through attrition 
and the removal of replacements and future  hires from the budget. In addition, 
management is stepping up marketing efforts with a view to improving revenue 
generation, reducing operational expenses, and monitoring closely the ongoing 
cashflow requirements of the Group. 
 
 
Given these measures and based on the existing outlook for the Group, the 
directors believe the Company has sufficient working capital for the medium 
term. 
 
 
Enquiries: 
 
 
David Ketchum 
+852 2973 0222 
david@upstreamasia.com 
 
 
www.aboutupstream.com 
 
 
James Harris/Angela Peace 
Strand Partners Limited 
+44 (0)20 7409 3494 
 
 
Claire Louise Noyce/Stephen Austin 
Hybridan LLP 
+44 (0)20 3159 5085 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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