19th May 2009
At the Annual General Meeting of Cello held today all the resolutions put to shareholders were passed.
Allan Rich, Chairman said:
“As indicated in our year end results in March, Cello performed solidly during the first quarter in a continued tough trading environment.
“Healthcare related research and consultancy is showing robustness and we are benefiting from an increasing exposure to public sector activity, both in research and direct marketing. Our revenues from our large international clients have held up well. In addition two of our largest charity and retail contracts have recently been renewed.
“We continue to manage our cost base carefully and we will continue to benefit from overhead reductions as we consolidate our operations into single office hubs.
“The earn out obligations carried by the Group have been reduced considerably following our recent settlements.
“We remain cautiously optimistic for a solid full year outcome. However, as anticipated, our interim results are expected to reflect the slowdown in client activity that emerged in the latter part of 2008.”