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(Alliance News) - Shares in Remote Monitored Systems PLC dropped on Wednesday after it announced a widened annual pretax loss and the partial pull-out of its investment in Gyrometric Systems Ltd.
Shares in the survey and inspection services provider were trading 18% lower at 1.02 pence each on Wednesday morning in London.
For the year ended December 31, RMS posted a pretax loss of GBP1.6 million, widened sharply from GBP712,000 the year prior. However, GBP363,000 of the loss was due to an impairment on the value of its investment in Gyrometric, which develops drive shaft monitoring systems.
Annual revenue increased to GBP104,000, doubling from GBP52,000, driven mainly by sales at GyroMetric.
GyroMetrics develops and manufactures digital monitoring and safeguarding equipment for rotating shafts.
In a separate announcement, RMS and co-investor Braveheart Investment Group PLC laid out plans to turn control of GyroMetric back to its founders for a nominal consideration.
The deal will see the shareholders' agreement terminated and all loans written off, while minority shareholdings will be retained. RMS and Braveheart will each retain a small shareholding in Gyrometric at 15% and 6.4% respectively, down from 58% and 20%.
RMS said Gyrometric has "world class technology" and opportunities to exploit its intellectual property, however it would require "significant investment" over the next 12 months and it would therefore return Gyrometric to its founders.
RMS also announced that it would be renamed as Nanosynth Group PLC, and will restructure to comprise three subsidiaries, namely Pharm 2 Farm Ltd, Nanosynth Ltd and Cloudveil.
Executive Chair Antony Legge commented: "Significant progress has been made in transforming the group and refocusing on businesses which provide good opportunities where we are able to apply the company's reserves to best exploit those areas.
"To this end, the board has been largely reshaped as we continue our search for a new chief executive and look to invest in our marketing capability. Building on the excellent work done to date, I am confident that we will be able to progress several positive developments in the coming months."
By Will Paige; willpaige@alliancenews.com
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