TMN Tmn

 

TIDMTMN 
 
RNS Number : 5421M 
TMN Group PLC 
30 January 2009 
 

TMN Group plc - Trading Statement 
 
 
With the end of the Group's 3rd quarter, it is clear that further retrenchment 
in the UK media sector is impacting second half revenue at TMN Group plc 
("TMN"). 
 
 
In response, TMN has implemented a programme of staff reduction and other cost 
containment,  in order to ensure the Group ends the year profitable and cash 
generative. 
 
 
The savings will have a minimum positive impact of at least GBP300k in the 
remainder of this financial year and are the equivalent of a GBP1.15m reduction 
in costs over a full year. 
 
 
The Group naturally regrets having to reduce staff levels and is being rigorous 
in controlling non-staff expenditure to limit the impact on individuals. Staff 
cuts will be made across the company, including Central. As a result of the 
continued decline in performance, profit will be approximately 50 per cent below 
the Board's expectations for the full year. 
 
 
Our largest division, AffiliateFuture, which was acquired just under a year ago, 
has recorded some of its highest ever sales days in January 09 and is performing 
well, having gone through a structural and technical review and a system upgrade 
to handle further growth. Research has benefited from the continued growth of 
its media- and finance-focused products. However, Display advertising continues 
to be challenging in all territories.  In two smaller divisions, trading has 
been particularly disappointing and they are being substantially re-organized. 
 
 
The media market is unstable both in the UK and in the other territories in 
which we operate. The Board is fully committed to securing a profit for the year 
- albeit below previous expectations. The cuts we are making will ensure we 
generate sufficient cash to meet all our banking commitments even at the lowered 
trading levels. 
 
 
Chairman Peter Harkness commented, "The profound impact that the recession is 
now having on trading across the display advertising spectrum is universally 
recognized. Cost management is therefore the top priority at TMN and the Board 
remains entirely focused on meeting our goals of generating increased 
profitability and cash-generation" 
 
 
 
 
Enquiries: 
 
 
TMN Group plc 
Mark Smith, CEO 
Craig Dixon, CFO 
020 7440 9310 
 
 
 
 
Investec plc, NOMAD and broker to TMN 
Erik Anderson / Ben Poynter 
020 7597 4000 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 TSTBMMBTMMAJBML 
 

Themutual.Net (LSE:TMN)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Themutual.Net (LSE:TMN)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024