Remote Monitored Systems PLC Trading Update (4037U)
March 29 2019 - 2:01AM
UK Regulatory
TIDMRMS
RNS Number : 4037U
Remote Monitored Systems PLC
29 March 2019
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
29 March 2019
Remote Monitored Systems plc ("Remote Monitored Systems", the
"Company" or the "Group")
Trading update
Remote Monitored Systems plc, the AIM quoted survey, inspection
and monitoring company, is pleased to provide an update on progress
in the first quarter of 2019.
Geocurve
Geocurve Limited ("Geocurve"), which provides Survey and
Inspection services to a range of major blue-chip companies and
government agencies, has experienced a slower than expected start
to 2019, largely as a result of the need to dedicate more resources
than expected to the Environment Agency's Thames Estuary Asset
Management 2100 (TEAM2100) programme. Cost saving measures have
been implemented to minimise the effects of the resulting delays.
However, a number of contracts with new clients have been won which
should begin to contribute to sales in the second quarter.
The Company also announces the resignation of its Managing
Director Gary Nel, who will leave the Group at the end of this
month. A process to identify a successor is underway.
GyroMetric
GyroMetric Systems Limited ("GyroMetric"), in which the Company
made an initial 37% investment in April 2018 and acquired a 58%
controlling interest in August 2018, has been invited to present
the company's unique digital monitoring approach for wind turbines
to senior industry figures at a special event organised in Berlin
by the British Foreign Office. The event is titled "UK Offshore
Wind Innovation (Squaring the Circle)", with the GyroMetric
presentation forming a key part of the Digitalisation - Asset
Management theme. This event is linked to and precedes the Annual
Conference of German Offshore Wind Farm Operators on 9-10 April.
Later the same week GyroMetric will be presenting new developments
in marine drive monitoring to GyroMetric's long term marine agent
in Germany.
As previously announced, GyroMetric will be conducting trials
for two major wind turbine manufacturers, the first of which is
expected to start in June, with further material progress and
commercial developments expected in relation to both these
opportunities.
As a result of the recent successful recruitment of a Technical
Sales Director, a number of promising opportunities in new sectors,
where lead times are typically shorter, are already being
pursued.
Trevor Brown, CEO of Remote Monitored Systems plc, commented
"Swift action has been taken to address the issues arising at
Geocurve and we look forward to renewed growth in sales to new
clients. We remain excited by the opportunities at GyroMetric, both
in the wind industry and in new sectors. The Board continues to
seek further opportunities to enhance shareholder value."
ENQUIRIES:
Remote Monitored Systems plc
Trevor Brown (Executive Director) +41 7941 55384
Nigel Burton (Non-Executive Chairman) +44 7785 234447
SP Angel Corporate Finance LLP +44 20 3470 0470
Stuart Gledhill
Jeff Keating
Caroline Rowe
Peterhouse Corporate Finance +44 20 7469 0930
Lucy Williams
Fungai Ndoro
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END
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