Trading update and result of AGM
June 30 2010 - 6:18AM
UK Regulatory
TIDMDSN
RNS Number : 5287O
Densitron Technologies PLC
30 June 2010
Densitron Technologies plc
Trading update and result of AGM
Densitron Technologies plc ("Densitron" or the "Company" or the "Group")
announces that, at the Company's annual general meeting held earlier today, all
of the resolutions proposed to shareholders were duly passed and today provides
an update on its trading activities.
Displays Business
We are delighted to report that the displays business has performed beyond
expectations in the first half of 2010. Order intake has exceeded GBP10.0m in
comparison with GBP6.0m booked in the same period in 2009 and our internal 2010
budget of GBP8.5m. Sales and gross profit have returned to similar levels to
those achieved in the first half of 2008, ahead of our 2010 budget. We will see
the full extent of the increase in orders booked during the first half of the
year flowing through to sales during the second half of 2010.
It has become apparent that confidence in the market globally has markedly
improved and that the growth seen in the first quarter of the year has not only
been sustained but has continued to increase during the second quarter of 2010.
We have completed a number of projects in the first half of 2010 which will
enter production in the second half of the year and new business opportunities
continue to grow across the Company.
Land at Blackheath
The planning application for the land in Blackheath is nearing completion for
filing with the local planning department. Following that, the planning
authorities will determine whether permission will be granted for the
development that has been proposed. Shareholders will be advised when there is
further news.
Evervision Electronics Co. Ltd
Evervision, the Company's investment in a Taiwanese display manufacturer has
performed well during the first half of 2010, achieving a profit and continuing
to generate cash from operations. A further capital reduction has been approved
by the Board and Shareholders of Evervision and Densitron should receive a
payment of approximately GBP500,000 (based on current rates of exchange) during
September 2010.
Outlook
The business outlook is certainly promising. At the beginning of the year we
set a three year plan to substantially grow the business and we are already well
ahead of where we expected to be over the first six months of 2010. We will
continue to consider acquisitions opportunities as they arise but will only
proceed where we consider that they represent value for money.
Enquiries:
+------------------------------+------------------------------+
| Densitron | Westhouse Securities |
| Grahame Falconer / Tim | Tim Metcalfe / Martin |
| Pearson | Davison |
| Tel: 0207 648 4200 | Tel: 020 7601 6100 |
| | |
+------------------------------+------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
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