OFFICE2OFFICE PLC 
By ?
15 November 2013
Interim Management Statement
office2office plc (the Group), a leading provider of office supplies and business solutions, today releases its Interim Management Statement for the period from 1 July 2013 to 14 November 2013 (the period).
Period summary and financial position
In the period the Group has traded profitably, generated cash and further reduced the average level of borrowings.
Managed Procurement
Volumes in Managed Procurement have, as expected, remained soft. The swing to lower margin products and smaller and more frequent deliveries has continued and this is the new reality for the industry. Year to date, revenues are flat with EBITA down. We have accelerated the introduction of new, adjacent work-place product categories and have been selected to provide office furniture through the NHS furniture supply framework. Most importantly, we have put in hand a further cost-saving programme which will primarily benefit 2014 onwards.
Business Critical Services
Our business critical services activities have performed in line with expectations in the period. In addition, Banner Managed Communication has signed a new contract with Allianz for a further five years, implemented a three year contract with Care UK and extended its contract with Merlin Entertainment plc to encompass their North American operation. Banner Document Services has continued to build on its Closed Loop document destruction initiative.
Outlook
Despite the ongoing challenges in the managed procurement market, the Group continues to trade in line with expectations.
We are seeking further efficiency savings across the Group and will continue to invest in our growing business critical services activities.
A pre-close trading statement will be issued in the New Year.
Changes to the Board
The Chairman, David Callear, has asked to stand down from the chairman's role to allow him more time with his wife who is terminally ill. Accordingly, Jim Cohen, Senior Independent Director, has agreed to take over as chairman with immediate effect. David Callear will continue to act as a non-executive Director and attend Board meetings.
Further enquiries: office2office plc Simon Moate, Chief Executive Hugh Cawley, Group Finance Director | www.office2office.co.uk 01603 691102 |
MHP Communications Reg Hoare / Katie Hunt / Jade Neal | 020 3128 8100 |
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