The international communications group said in a pre-close trading update for 2008 that, despite challenging economic conditions, its financial performance is in line with expectations and its debt position is lower than market predictions.
Looking forward to 2009, the company remained ‘realistically cautious' about the global economic environment, but noted that 70 per cent of its budgeted 2009 revenue was already committed.
Its share price rose 9.2% this morning on the back of the positive update.
Lord Chadlington, group chief executive, Sally Withey, group chief operating officer and Tymon Broadhead, group finance director have waived their entitlement to cash bonuses worth £764,250 for a new deferred share bonus scheme.
The update said that the deferred share bonus plan was ‘a sign of the board's confidence in the growth prospects of the group'. The firm also announced a £5m share buyback earlier this month.