Hasgrove incurs restructuring costs, gross income up

Hasgrove, a digital and communication services group, has said it expects to report gross income in the region of £16.5m (2010: £16.0m) and a pre-exceptional operating profit of around £0.8m (2010: £1.7m) for the year ended December 31st.

Hasgrove has largely completed the restructuring of its digital businesses following the sale of Interel, the public affairs and strategic communications division, in July 2011. As a result there will be an exceptional cost of £865,000 for the full year. No further significant exceptional costs are anticipated.

Paul Sanders, group Chief Executive, said: "2011 was a year of change for Hasgrove, resulting in improved trading by the year end which has continued into the start of 2012. We are focused on delivering a strong first quarter, which will provide a platform for continued growth throughout 2012."

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Hasgrove's operating units continued to be cash generative, resulting in net debt being reduced to £1.5m at 31 December 2011.

The share price rose 5.26% to 40.00p by 16:53.

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