Fairpoint trading in line, board confirms

Investors were gathering for the annual general meeting of Fairpoint today, which was performing in line with management expectations in its first quarter, though its board did describe the period as “quieter”.

The AIM-traded consumer professional services provider said at this stage, it expected the first half to consist of growth in the legal services division to reflect the additional contribution from the acquisition of Colemans-CTTS and CT Support Services.

It was also making “good progress” on the integration of Colemans and Simpsons Millar, “albeit with a quieter than anticipated start to the year in conveyancing, given housing transactions have not been as expected.”

Fairpoint was still investing in infrastructure to enable it to pursue acquisition opportunities in legal services, though market conditions in its core debt solutions market remained challenging with an ongoing focus on cost control.

“John Gittins, who has been the group's chief financial officer since 2011, has indicated to the Board his desire to step down from his executive role with Fairpoint to pursue a portfolio career of non-executive positions,” the board confirmed in the statement.

“John will work with the board to ensure a smooth transition to his successor and recruitment consultants have been appointed to identify suitable candidates. A further announcement will be made as and when appropriate.”