Hasgrove plans to de-list

Management also intends to return part of the proceeds to shareholders from the sale of integrated marketing and technology subsidiary Amaze to St Ives for £15.3m. That involves a cash return of up to £10.25m through a tender offer at 82p a share - this represents a 31 per cent premium to the group's 62.5p share price on 8 March, the last business day before the disposal. As a result of the disposal, chief executive Paul Sanders reckons the business is no longer large enough to justify the costs associated with a listing - although shareholders will have the option of keeping shares in the private company.

At the operating level Hasgrove's intranet software supplier, Interact, delivered a 36 per cent revenue increase to £3.4m, thanks partly to its entry into the US market, and operating profit here rose 25 per cent to £0.5m. Profits would have been higher but for significant investment in product development. But trading at creative design agency The Chase was more difficult. Delays in client projects reduced revenue from £2.9m to £2.6m, while operating profit here, before central costs, was flat at £0.1m - although new business wins will have a positive impact in the current year.