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29/06/2020 7:00am
UK Regulatory (RNS & others)
Remote Monitored Systems (LSE:RMS)
Intraday Stock Chart
Monday 29 June 2020
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TIDMRMS
RNS Number : 2928R
Remote Monitored Systems PLC
29 June 2020
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 June 2020
Remote Monitored Systems plc ("Remote Monitored Systems", the "Company" or the "Group")
Final Results for the Year to 31 December 2019 and Notice of AGM
Financial Overview
During the year ended 31 December 2019 the Group recorded revenues on continuing operations of GBP52,648 compared with GBPnil (restated to reflect the disposal of Geocurve) for the year ended 31 December 2018. The operating loss on continuing operations before goodwill impairment for the year was GBP582,736 (2018 restated: GBP667,765). Administrative expenses on continuing operations before goodwill impairment amounted to GBP615,540 (2018 restated: GBP665,343). The loss after tax on continuing operations for the year was GBP592,290 (2018 restated: GBP775,477). The loss per share on continuing operations was 0.13 pence (2018 restated: loss per share of 0.24 pence).
-- Consolidated net assets attributable to the owners of the parent at 31 December 2019 amounted to GBP28,795 (31 December 2018: assets GBP668,109)
-- Cash balances at the year-end amounted to GBP74,770 (2018: GBP109,381)
-- During the year the Company raised GBP591,484 net of costs through the issue of new shares, as well as GBP100,000 through the issue of convertible loan notes
Following the year end, the Group raised GBP350,000 to support the growth of the Group's core areas of business and to provide working capital. A total of 140,000,000 ordinary shares of 0.2p nominal value each were placed with investors at 0.25p per share. A further 20,400,000 shares were issued to an adviser in lieu of GBP51,000 of fees.
Outlook
The Group will now continue to make progress across all elements of its business.
GyroMetric, in which the Company owns a 58% interest, though initially experiencing delays in both sales and installations as a result of the Covid-19 pandemic, now expects that a number of installations and trials including those at Tarmac and Clarke Energy will proceed as imminent maintenance windows arise at client sites.
Cloudveil Limited ("Cloudveil"), the intelligence services and security risk management business acquired in September 2019, whilst also suffering delays and changes in scopes of work caused by the pandemic, has also experienced an unprecedented level of enquiries for its services from a variety of blue chip companies and other private and public bodies in the UK and Europe, and is at an advanced stage of negotiation of commercial terms with a number of these potential customers.
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