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12 Nov 2012 07:00
microgen
www.microgen.com
12 November 2012
INTERIM MANAGEMENT STATEMENT
Microgen plc ('Microgen' or 'the Group') provides its Interim Management Statement covering the period from 1 July 2012 to the date of this announcement. Microgen released its interim results for the six months ending 30 June 2012 on 23 July 2012.
There have been no significant changes since 1 July 2012 in the financial position of Microgen and its balance sheet remains strong. Following payment of the interim dividend of £0.9 million in August, the Group had net cash at 31 October 2012 of £26.3 million (30 June 2012 : £27.1 million).
Whilst the Financial Systems Division continues to perform satisfactorily, as advised in the interim results, the Board's expectations at that time for the Microgen Aptitude Solutions Division were dependent upon a number of sales opportunities closing in the second half of the year. Opportunities continue to progress although, due to the market environment, particularly within the financial services sector, a number of these have advanced more slowly than anticipated. As a result, the Group's revenue in the second six months of 2012 is now expected to be approximately 10% lower than the first six months of the year. However, due to the Group's conservative operational approach, earnings for the second half of 2012 are expected to be maintained at a level consistent with the first half of the year.
Contacts
Martyn Ratcliffe, Chairman 020-7496-8100
David Sherriff, Chief Executive Officer
Philip Wood, Group Finance Director
James Melville-Ross, FTI Consulting 020-7831-3113
Clare Thomas, FTI Consulting
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