INVO Invocas

    RNS Number : 2636A
  Invocas Group plc
  31 July 2008
   

    31 July 2008
    INVOCAS GROUP PLC
    ("Invocas" or "the Group")

    AGM AND TRADING UPDATE

    At the Annual General Meeting of Invocas Group plc, to be held at 11.00a.m. today, Chairman Howard Bell will give the following update
on the Company's progress since the start of the current financial year:

    "As announced on 25 June 2008 at our preliminary results, Invocas' broadening service range, increasing numbers of revenue opportunities
and the weakening macro economic environment leads us to expect demand for both our formal and informal personal debt solutions and our
corporate insolvency services to increase significantly during the second half of 2008 and into 2009. 

    We continue to see an increasing trend in the level of new revenue opportunities compared to 2007. This is mainly as a consequence of
the greater number of leads generated by Newtomorrow, our marketing subsidiary, which is now generating approximately 80% of revenue
opportunities.

    The Board is encouraged that the average number of Trust Deed opportunities in the quarter to 30 June has almost recovered to levels of
a year ago and that the trend continues to improve. Of these leads, Newtomorrow is now generating approximately 60% (2007: 20%). The number
of new signed Trust Deed appointments is now running slightly ahead of the level 12 months ago. 

    The number of Individual Voluntary Arrangement ("IVA") opportunities in June was approximately 80 (2007: nil), all generated internally,
principally through the activities of our new team of field advisors covering England and Wales. We are in the course of building the team
to facilitate the processing of IVA opportunities. 

    In regard to Debt Management Plans, we signed 100 new cases in the quarter to 30 June (2007: nil). 

    We expect to see continuing improvements in the numbers of Trust Deed and IVA opportunities in the months ahead. However, it is taking a
little longer than anticipated for the numbers of opportunities to impact on turnover and profitability.

    Newtomorrow Broker Services, our new web based advice service for mortgage brokers with indebted clients looking for debt solutions, was
launched in June. Nine networks of mortgage brokers have signed user agreements. Of these, three are now using the service, with over 300
broker firms registered, and the other networks are still to go live. Registration of their members will commence following the creation of
dedicated white label websites over the next few weeks. We are optimistic that this initiative will prove to be a significant source of
revenue opportunities in the months ahead as the effects of the credit crunch and the ending of fixed rate terms on mortgages impact on the
consumer.

    During July, the systems, procedures, advice models and client acquisition policies, in both our Newtomorrow and Invocas operations,
were subjected to an independent audit carried out on behalf of a new creditor supported accreditation. The Board is delighted to advise
that we have been awarded the accreditation which will be effective from the date of its launch, on 5 August. We understand that we will be
one of only a handful so far throughout the UK and the first provider in Scotland to receive this accreditation.

    With weakening macro economic conditions, increasing numbers of sources of leads, a broadening service range, excellent relationships
with lenders, ongoing investment in  operational processes and a strong cash balance, we remain confident of reporting further significant
progress for the Group in the year ahead."

    For further information:

 Invocas Group plc                               Tel: +44(0)131 222 2460 
 Howard Bell, Chairman
 Stephen Lightley, CEO

 Gavin Anderson (Financial PR Adviser)           Tel: +44(0)20 7554 1400 
 Ken Cronin / Michael Turner / Anthony Hughes                      Email:
                                                   invocas@gavinanderson.
                                                                   co.uk 

 Charles Stanley Securities (Nominated Adviser)  Tel: +44 (0)20 7149 6000
 Philip Davies / Carl Holmes
       
    Website: www.invocas.com
     
Notes to editors
    Invocas is one of the UK's leading providers of personal debt solutions. Its Personal Insolvency Division is firmly established as a
leading provider of Protected Trust Deeds (the Scottish equivalent of IVAs). Invocas applies stringent minimum case acceptance criteria to
Trust Deeds and IVAs. It will only accept a case if it is likely to progress smoothly to completion and result in a successful outcome which
balances the interests of both the indebted individual and their creditors.

    The Group's Newtomorrow service aims to provide indebted individuals with the right advice, first time, every time. This is achieved in
a caring and professional manner by a team of highly experienced debt advisors delivering front line advice. Further information on
Newtomorrow can be found at 


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