Business is in line with expectations, says contract caterer Bright Futures Group

29th January 2010, 11:05am

Bright Futures Group plc (BFG), the provider of contract catering and outsourced managed services within the corporate business and schools sectors, has continued to perform in line with expectations, according to its latest financial statement for the three months ending 31 December 2009.

The integration of Jill Bartlett & Company Limited ("JBC"), which was acquired on 28 September 2009, has been completed and this business is also performing to expectations.  Since acquisition, JBC has won a prestigious new contract operating in the City of London, which is already contributing to trading results.
 
Restaurants at Work, the Group's principal operating business, also performed well throughout the period as the operating changes that were made earlier in the year had a positive effect.
 
The New Year, however, started disappointingly as BFG was adversely affected by the poor weather conditions over the first two weeks.  As a result, the Group lost a significant amount of sales which will be difficult to make up.  The Board is continuing to review its cost base to offset the reduction, but it is unlikely that the Group will recoup all of the lost profit.
 
The Board continues to believe that the Group is in a stronger position than it was last year and that it is well placed to take advantage of any upturn in the economic environment. In the meantime, the Board continues to focus on making the Group as efficient as possible and in the best position to win new business.
 
As foreshadowed in the Group's Report and Accounts, warrants over 5,000,000 new ordinary shares in BFG have been allotted to William Rollason in recognition of his professional advice and assistance to the Board on financial matters.  The warrants are exercisable at a price of 1.0p per share, between the second anniversary of Admission and the eighth anniversary, provided the share price has increased to 3.0p per share.

Related Articles:

• 02 Sep 2010 - Bright Futures Group acquire Yes Dining Limited

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