Options revenue up, but profits decline

Options Cassoulides Plc (OPT.CY) reported higher revenue during the first nine months of 2008 but profits fell sharply due to financing costs and exceptional items. Revenue increased 11.3% to EUR30.4mln mainly due to increased revenue of the conference and publishing divisions. Increased revenue of the conference division is the result of the undertaking of the “World Anaesthesiologists Congress” contacted in 1Q 2008. Operating margins decreased to 6.4% from 7.6% in 9M 2007 due to the start up costs incurred following the Company’s expansion in Asia. Net finance costs increased 27% to EUR708k mainly due to increased financing of the Companies in the UK. Net profit decreased to EUR295.000 from EUR1.3mln in 9M 2007.