Depa Limited Continues Business Turnaround in Q1 of FY2017

03 April 2017; Dubai, UAE: Following the release of its FY2016 results and FY2016 Annual Report last month, Depa Limited (“Depa”) has continued its turnaround of the business in the first quarter of FY2017.

Hamish Tyrwhitt, Group Chief Executive Officer of Depa Limited said the Group’s performance in the first quarter of FY2017 has built on the advances made in FY2016.

“We have continued to perform well in the first quarter of FY2017,” Mr Tyrwhitt said.

""We have a clear business strategy in place, and we continue to execute the objectives laid out in this strategy,” he said.

“2016 represented Phase One of our strategy, in which we successfully reset the business and returned to profit.

“We are now well advanced in Phase Two, in which we return to growth. We’ve made significant progress on many of the objectives of this phase, including taking a more rigorous approach to cash collection, embedding a performance-based culture, increasing collaboration between our Key Business Units and implementing a new approach to risk management.

“One of our key objectives is to resolve our outstanding legacy issues. We have made material progress in achieving this objective in Q1, and expect this to continue in Q2.

“Resolving these issues materially de-risks Depa Group’s balance sheet, enabling us to accelerate our plans to grow the business.

“Before the end of 2017, we will enter Phase Three, in which we achieve consistent top and bottom line growth. This is ahead of management’s original timetable,” Mr Tyrwhitt said.

“The outlook for the Group remains positive. The quality and strength of our existing backlog, a solid pipeline of prospective new work and our strong net cash position sees us well placed to maintain our recent growth trajectory,” he added.

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Depa is a strategic management company specialising in global interior solutions. Depa’s four Key Business Units hold leading positions in their respective markets: Design Studio, Vedder, Depa Interiors Group and Deco Group. Employing thousands of people worldwide, the Group’s operations are centred on three regional hubs: Asia, Europe and the Middle East.

Depa’s mission, shared by each of its Key Business Units, is to deliver sustainability, profitability and performance for our clients, shareholders and employees. The Group’s five core values are integral to everything Depa does: transparency, integrity, accountability, professionalism and exceptional service.

Depa Limited is listed on the Nasdaq Dubai (DEPA:DU) and is headquartered in Dubai, United Arab Emirates.

This document contains certain 'forward looking statements' with respect to Depa's financial condition; results of operations and business; and certain of Depa's plans and objectives with respect to these items. By their very nature, forward looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward looking statements. All written or verbal forward looking statements, made in this document or made subsequently, which are attributable to Depa or any other member of the Group or persons acting on their behalf are expressly qualified on this basis. Depa does not intend to update these forward looking statements.

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