VTS Vantis

 

TIDMVTS 
 
RNS Number : 6799S 
Vantis PLC 
22 May 2009 
 

 
 
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| For Immediate Release            |                         22 May 2009 | 
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VANTIS plc 
("Vantis" or "the Group") 
 
 
Pre-Close Trading Update 
 
 
 
 
 
 
Vantis, the accounting, tax and business recovery group, issues the following 
update on current trading prior to entering its pre-close period in respect of 
the financial year ended 30 April 2009 ('FY2009'). 
 
 
In accordance with the Group's usual timetable, the Preliminary results for 
FY2009 are due to be announced towards the end of July 2009 and are expected to 
be in line with market expectations. 
 
 
The Group continues to show resilience in the current challenging business 
environment. During FY2009, our Business Recovery Services have shown strong 
growth, with revenue representing a greater proportion of total group revenue at 
29%, up from 20% in FY2008. Further recruitment in the second half of the year 
has extended our capability in this area, in addition to some reallocation of 
staff within the Group. 
 
 
Business Recovery has recently announced that it has been officially named by 
Order of the High Court of Antigua and Barbuda as Court Appointed Receiver and 
Liquidator to Stanford International Bank Limited. Further information regarding 
this can be found at www.vantisplc.com/stanford 
 
 
Notwithstanding the tough environment for SME's and the generally cautious 
nature of UK businesses, Business Advisory has continued to perform in line with 
our estimates with activity levels remaining satisfactory. 
 
 
Within Consultancy, Financial Management has performed well as clients have 
sought advice on where to place their investments during a time of extreme 
market turbulence. Our Specialist Tax unit has performed satisfactorily. 
Management continues to focus on the mix of Consultancy Services to ensure that 
they are best suited to the economic climate so that overall performance is in 
line with management expectations. 
 
 
Operating margins were sustained during the second half of the year. 
 
 
Cash generation remains in line with our internal forecasts and the Group's net 
debt position will be at a similar level to the half-year balance reported in 
January 2009. Cash generation has enabled further investment in developing our 
growing Business Recovery division. 
 
 
Given the Group's defensive counter-cyclical and balanced business model, the 
Directors remain positive about prospects for the future. 
 
For further information: 
 
 
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| Vantis plc                           |               +44 20 7417 0417 | 
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| Paul Jackson, Chief Executive        |                                | 
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| Paul Ashton, Executive Director      |                                | 
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|                                      |                                | 
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| Investec Investment Banking          |               +44 20 7597 5970 | 
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| Martin Smith/Tim Pratelli            |                                | 
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|                                      |                                | 
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| Buchanan Communications              |               +44 20 7466 5000 | 
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| Richard Darby, James Strong, Chris   |                                | 
| McMahon                              |                                | 
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Notes to Editors 
Vantis plc is one of the UK's leading accounting, business recovery and tax 
advisory groups focused on servicing UK SMEs and high net worth individuals. The 
Vantis group offers a range of specialist skills split across three business 
units including: Business Advisory (Accountancy, Taxation, Business Advice, 
Customs Duty Recovery & Advisory Services, Forensic Accounting & Dispute 
Resolution, Outsourcing, Management Consultancy, Company Secretarial); Business 
Recovery (Business Recovery, Restructuring Services & Asset Finance); and 
Consultancy (Corporate Finance and Independent Financial Advice). 
 
The Vantis group currently has over 1000 staff operating from 17 locations 
throughout England. 
 
 
For more information about Vantis, visit: www.vantisplc.com 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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