NDP Nipson Dig.

 

TIDMNDP 
 
RNS Number : 5046M 
Nipson Digital Printing Systems PLC 
30 January 2009 
 

For Immediate Release 
30 January 2009 
 
 
NIPSON DIGITAL PRINTING SYSTEMS PLC ("the Company " or "the Group ") 
 
 
TRADING UPDATE 
 
 
The Company made a number of announcements during October and November 2008 
explaining the change of majority shareholder control, the changes in the 
configuration of the Board, the Group's third quarter results and the financial 
difficulties experienced by its French subsidiary, Nipson SAS (the Subsidiary), 
which led to the Subsidiary filing for administrative protection.  The Board 
indicated to shareholders in November that it would communicate any major 
developments in the months to come. 
During December 2008 the Administrator and the French commercial court agreed to 
the Subsidiary continuing to trade which has led to a reduction in fixed costs 
including the departure of more than 50% of the employees in the Subsidiary.  A 
number of cost reductions have also been implemented in the Group companies in 
the USA and in the UK; branches in Belgium and Singapore have also been closed. 
The economic crisis has delayed investment decisions by potential and existing 
customers to purchase new equipment.  The existing installed base of equipment 
at customer sites are generally running at a lower level of activity whether 
maintained by distributors or directly by Nipson and as a result recurrent sales 
including consumables and spare parts are lower than originally forecast which 
with lower equipment sales lead to lower revenues than expected for both the 
fourth quarter and for the year 2008. 
The situation is therefore still critical but significant progress has been made 
in line with the original business plan. 
The Company's Board has now decided to review the debt and equity structure of 
the Group.  This restructuring will require approval from the Company's 
shareholders.  Within the coming weeks the Board expects to circularise 
shareholders with an explanatory notice and an agenda for an Extraordinary 
General Meeting to be held probably in early March. 
Robert Cahill has also indicated for personal reasons that once the Group's debt 
and equity restructuring has been put into place he will be resigning from his 
position as CFO and Board member. 
 
 
Contacts : 
Nipson Digital Printing Systems PLC : Marc Maes, Chairman    +32 (0) 494 500 423 
or Robert Cahill, Group Finance Director    +33 (0) 384 545 250 
Beaumont Cornish Limited : Roland Cornish/Rosalind Hill Abrahams    0207 628 
3396 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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