"Transformational" I'm In...):):)25 Jun 2010 09:00
RNS Number : 2253O
Cinpart PLC
25 June 2010
AIM: CINP
25 June 2010
Cinpart plc
("Cinpart", the "Company" or the "Group")
Final Results for the year ended 31 December 2009
Cinpart, which supplies cutting-edge voltage optimisation technology to reduce the energy consumption and CO₂ emissions of commercial buildings, is pleased to announce its final results for the year ended 31 December 2009. HIGHLIGHTS · Transformational year - establishing presence in high growth voltage optimisation market · Revenues increased by 42% to £2,880,197 (2008: £2,028,918) - includes six month contribution from new voltage optimisation subsidiary, Active Energy · Loss for the year of £1,175,876 (2008: loss of £338,241) · Loss per share was 1.76p (2008: loss per share of 1.09p) · Cash balances as at 31 December 2009 of £840,122 (2008: £22,059) - share placings during the year raised a total of £2,554,000 to support the development of Active Energy · Bonus issue proposed of 1 new Ordinary Share for every 20 Ordinary Shares held · Active Energy well positioned to build on growth opportunities - strategic relationship with Scottish and Southern Energy plc subsidiary, Southern Electric Contracting Ltd, announced in January 2010, already proving beneficial - sales pipeline continues to strengthen · Memorandum of Understanding announced today with County Executives of America, which represents elected county leaders across 700 US counties - strategic relationship will support expansion into major US market - provides for assistance in securing sales with county owned public facilities · Proposed name change to Active Energy Group plc - to reflect ongoing focus of the business · Board remains confident of future growth Commenting on results, Chief Executive of Cinpart, Kevin Baker, said, "The year under review saw a transformation in our Group's trading activities as we established a presence in the voltage optimisation market. This young and exciting market is being driven by both environmental and legislative pressure to reduce energy consumption and through the associated cost reductions which the technology brings. We have achieved further progress in the current financial year, establishing strategic relationships both in the UK with SEC and now in the USA with County Executives. We have already seen the benefits of our SEC relationsh