Angle Regulatory News (AGL)

20 Sep 2007 07:01

Angle PLC20 September 2007 For Immediate Release 20 September 2007 ANGLE plc ('ANGLE' or the 'Company') AGM Statement At the Annual General Meeting of ANGLE plc today, Hance Fullerton, retiringChairman, will make the following statement: "ANGLE has made a strong start to the year, continuing to trade in line with theexpectations for the year outlined at our Preliminary Results announcement on 5July. Solid progress has been made in both of our key operating divisions. Our Management services business is now trading profitably and is expected todeliver at least £0.4 million profit for the year. In addition to successfullyimplementing £1m of annualised cost savings, ANGLE has also secured asignificant new contract win with the Innovation Lincolnshire Outreach Programmewhich, as announced on 27 June, will generate £0.9m of revenue for the Companyover a 21 month period. The Group will continue to pursue further such contractsin order to drive revenue growth and broaden its exposure to a pipeline ofpotentially high-value IP opportunities. Solid progress has also been made within our Ventures division. Evidence ofsuccessful value creation has been demonstrated, as announced on 5 July, througha £4 million profit from the gain in fair value of portfolio company Geomerics.Furthermore, in line with our current strategy, operating costs in this divisionhave also been reduced by an estimated £1.3 million on an annualised basis. As previously announced, I am retiring following today's Annual General Meetingand Garth Selvey is succeeding me as non-executive Chairman. I would like tothank the Chief Executive, other directors and senior management for all theirsupport over the years. I look forward to hearing of ANGLE's success in thefuture." Andrew Newland, Chief Executive will add: "I would like to take this opportunity to thank Hance for all his hard work anddedication to ANGLE over the years. Under his stewardship, the Group hasdeveloped from a start-up business to an established leader in IPcommercialisation. We wish Hance all the best for a long and enjoyableretirement and sincerely thank him for his outstanding contribution to ANGLE." Enquiries: ANGLE plc Andrew Newland, Chief Executive 01483 295830Ian Griffiths, Finance Director Collin Stewart Europe Limited 020 7523 8350Mark Connelly Scott Harris 0207 653 0030Stephen Scott, James O'Shaughnessy, Harry Dee Buchanan Communications 0207 466 5000Richard Darby, Suzanne Brocks, James Strong Notes to Editors Founded in 1994, ANGLE is an international venture management company focusingon the commercialisation of technology and the development of technology-basedindustry. ANGLE creates, develops and advises technology businesses on its ownbehalf and for its clients. ANGLE is listed on AIM (AGL.L); further informationcan be found on www.ANGLEplc.com This information is provided by RNS The company news service from the London Stock Exchange