Text 100 Group PLC, the OFEX-quoted IT-specialist PR consultancy has announced strong results for the year ending 31st July 1998, and has indicated its intention to graduate to London's main market.

Headline figures for the year show pre-tax profit up 9% to £1.35 million on turnover up 46% to £16.1 million. EPS remained broadly static while the dividend rose 20% to 1.4p.

Chairman Tom Lewis said: 'FY98 has been a year of remarkable organic growth from existing subsidiaries, combined with the establishment of no less than eight new offices on four continents - three in North America alone. To have achieved this level of organic growth and still managed a respectable increase in pre-tax profit represents a substantial achievement.

'Following the establishment of further new operations since the year-end, the Text 100 Group today consists of 24 offices across 4 continents, and is making strong progress towards its goal of being able to offer clients in the IT industry a truly global public relations service.'

In addition to the three new US offices in San Francisco, Boston and Rochester, of which two are headed up by existing senior Text 100 staff members, European coverage benefited from new offices in Milan, Hamburg and Edinburgh. In addition, the Group expanded in Asia Pacific with the opening of a regional head office in Sydney and a second Indian office in Bangalore, now firmly established as the capital city of the sub-continent's IT industry.

In the light of the Group's progress last year, and assuming acceptable stockmarket conditions, the board hopes to graduate from OFEX to London's main market around the time of the Millennium or shortly thereafter. As well as encouraging greater liquidity in the stock, the board hopes this will enable the Group to raise funds to finance further organic growth, should the need arise, as well as facilitating access to the Group's stock for overseas investors.

In line with the commitment to corporate governance set out in last year's annual report, the Group has also announced the appointment of Ian Taylor MBE, MP, to the board as a non-executive director. Mr Taylor was Minister for Science and Technology in the last Conservative government, and brings with him an acute understanding of the markets in which the Group operates.

Lewis concluded: 'As for the new financial year, the Group continues to grow strongly, with new subsidiaries in London, Tokyo and Singapore opening for business. The Group's profitability is satisfactory, given the continuing early demands made by new start-up subsidiaries and the need to train and integrate their staff.'

< back