Last checked at 22 Apr 2010 07:00
22 April 2010
CINPART PLC
('Cinpart' or the 'Company')
Trading Update
Cinpart (AIM:CINP), which supplies cutting-edge voltage optimisation technology to reduce the energy consumption and CO₂ emissions of commercial buildings by up to 20 per cent., is pleased to provide the following update on trading prior to announcing its full year results in May 2010.
The results for the year ended 31 December 2009 are expected to be in line with market expectations.
During 2009, the Company's coresubsidiary, Active Energy Limited ("Active Energy"), established a strong base on which to build its presence in the voltage optimisation market. The Directors believe that the growth potential for Active Energy's product, VoltageMaster, is significant, estimating that up to 400,000 large buildings in the UK alone could reduce their energy consumption via voltage optimisation, and the foundations put in place in 2009 represent an excellent start for Active Energy.
In addition, the Company's legacy businesses, Gasignition Limited, a supplier of electrical components to small and medium-sized European gas appliance manufacturers and Derlite Co Limited, an international manufacturer of electrical and non-electrical components, produced a creditable trading performance in a very challenging market.
The Company has continued to make progress in the current financial year and trading remains in line with expectations, underpinned by the Voltagemaster installation programme which commenced following several major contract wins, secured over the past 12 months, and the strategic relationship with Southern Electric Contracting Limited ("SEC"), a wholly owned subsidiary of Scottish and Southern Energy plc, announced on 1 February 2010. The partnership with SEC, one of the largest mechanical and electrical contractors in the UK, has already proved beneficial in supporting the installation, in accordance with a very tight timetable, of VoltageMaster units across 52 Courts under the Ministry of Justice contract, which was announced in February 2010. Active Energy is SEC's preferred voltage optimisation technology provider for its commercial clients, which brings exciting new sales opportunities.
Given the scope of the opportunities available to Active Energy, the Company has strengthened its senior management team with two recent appointments. Jeremy Lancaster has been appointed as CEO of the Active Energy subsidiary in order to accelerate the ongoing development of the business. Jeremy has over 25 years' experience in senior management roles, including most recently managing the UK Region Electricity Division of Elster Group, the world leader in advanced metering infrastructure to the gas, electricity and water industries. In addition, Jonathan Beachey has been appointed as Sales Director at Active Energy with responsibility for driving the sales pipeline. Jonathan, who has some 15 years' experience in sales and business development, joins from Hays plc where he was responsible for the sales strategy in London and developing new growth markets.
Cinpart is also pleased to announce that it has appointed several new advisers to support its growth plans. Jendens Securities Limited ("Jendens") has been appointed to act as joint broker to the Company with immediate effect to work alongside Rivington Street Corporate Finance Limited and the Company's Nominated Adviser, Merchant John East Securities Limited. Biddick Associates has been appointed as Financial Public Relations adviser.
Enquiries:
| Cinpart Plc |
|
| Kevin Baker, Chief Executive Christopher Foster, Executive Director
| Tel: 020 3176 3033 Tel: 020 3176 3031
|
| Merchant John East Securities Ltd (Nominated Adviser) |
|
| John East/Simon Clements | Tel: 020 7628 2200
|
| Jendens Securities Ltd (Joint Broker) |
|
| Kim Richardson
| Tel: 020 7266 2152 |
| Rivington Street Corporate Finance Ltd (Joint Broker) |
|
| Peter Greensmith
| Tel: 020 7562 3370 |
| Biddicks (Financial PR) |
|
| Sophie Lane/ Zoë Biddick
| Tel: 020 7448 1000 |
About Cinpart:
Cinpart plc (AIM: CINP) is a holding company that owns 72.2 percent of Active Energy Limited. Active Energy manufactures and supplies the VoltageMaster, a device that can reduce electricity consumption in commercial buildings by up to 20 per cent.
The Group also has several wholly-owned subsidiaries including Derlite Co Limited, which manufactures components specialising in ignition systems for gas appliances, and Gasignition Limited, which supplies electrical components to small and medium-sized European gas appliance manufacturers.
About Active Energy:
Active Energy owns the rights, intangible assets and intellectual property of VoltageMaster, a range of voltage optimisation equipment for commercial buildings that reduces voltage, and consequently energy consumed, by up to 20 per cent. The VoltageMaster, a sophisticated, easy to install device that is adaptable to complement existing infrastructures, optimises the voltage used by adjusting the electricity voltage supplied to the whole building. In addition, the reduced energy consumption produced by the VoltageMaster provides reduced carbon emissions.