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Date: Friday 03 Oct 2008

LONDON (ShareCast) - Marketing services firm Freshwater said overall pre-tax profit for the year ended August 2008 will be approximately £1.2m, well ahead of the prior year although below market expectations.

As reported in the Interims, Freshwater had an exceptional bad debt write-off of £155,807 owed by a long standing client in the property sector, which was unexpectedly put into administration.

The group said it has shown that it is resilient in a period of challenging economic circumstances, with a reduction in consumer and housing revenues being largely offset by strong performances in utilities, transport, healthcare and technology.

“We are keeping a very sharp focus on growth sectors, cost discipline, credit control and cash flow,” said chief executive Steve Howell.

“With more than 300 clients in a diversity of sectors, regions and specialisms, we are well placed to meet the challenge of a tough economic climate and optimistic about the prospects for continued growth for the rest of the calendar year and beyond,” he added.

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