Densitron Technologies PLC Trading Update (6397X)
February 12 2013 - 1:00AM
UK Regulatory
TIDMDSN
RNS Number : 6397X
Densitron Technologies PLC
12 February 2013
Densitron Technologies plc
("Densitron" or the "Company")
Trading Update
On 5 November 2012 the Company announced that it expected its
results for the year ended 31 December 2012 to be behind market
expectations. At that time the Company expected certain orders to
be booked and delivered to customers in the period up to the
year-end. However, for reasons outside the control of the Company
some of this business has now been delayed into 2013. As a result
of these delays the Company's operating profit for the 2012
financial year will be materially below that achieved in 2011. It
should be underlined that the Group's Balance Sheet remains strong
and that the only bank debt within the Group is to support working
capital.
In November 2012 the Company updated its shareholders on the
position of the proceedings that had been taken against it in
respect of a lease of a property located at Wallsend, Tyne and
Wear, near Newcastle (full details of the action are set out in the
announcement dated 1 March 2012). It advised its shareholders that
the directors had resolved to enter mediation with the other
parties to the litigation. Unfortunately, the directors have been
unable to enter mediation due to the unwillingness of the other
parties. However, the directors continue to work to achieve a
negotiated settlement.
Grahame Falconer, Chief Executive Officer of Densitron said:
"The end to the year was disappointing, but reflects how cautious
the market remains, with customers not wishing to overcommit.
However, orders booked in the year were ahead of those booked in
2011, which, together with the introduction of new services and
products, gives us confidence for 2013.
It is disappointing that we were unable to get the other parties
to the litigation to agree to a mediation process but the Board is
continuing to try to resolve this matter by way of a negotiated
settlement."
Further information:
Densitron Technologies plc Westhouse Securities
Grahame Falconer / Tim Pearson Martin Davison / Jonathan Haines
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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