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1 Nov 2011 07:00
microgen
www.microgen.com
1 November 2011
INTERIM MANAGEMENT STATEMENT AND SPECIAL DIVIDEND
Microgen plc ('Microgen' or 'the Group') provides its Interim Management Statement covering the period from 1 July 2011 to the date of this announcement. Microgen released its interim results for the six months ending 30 June 2011 on 21 July 2011.
There have been no significant changes since 1 July 2011 in the trading or financial position of Microgen and its balance sheet remains strong. In September, Microgen repaid the £1.6 million loan associated with its Fleet freehold property, after which the Group had cash at 30 September 2011 of £26.0 million (Net Funds at 30 June 2011 : £25.2 million).
Since 1 July 2011 the Microgen Aptitude Solutions Division ("MASD") has further expanded its customer base and the Financial Systems Division ("FSD") continues to perform satisfactorily in a flat market environment. Due in part to the consultancy demand on a number of projects in 2011, the Group's performance is now anticipated to be moderately ahead of the Board's expectations for the year, although the Board remains cautious due to the current macro-economic environment.
As a result of the strong financial position of Microgen, the Board has decided to pay a special dividend of 5.0 pence per share. The special dividend will be paid on 9 December 2011 to shareholders on the register as at 11 November 2011.
Three years ago, in October 2008, the Board introduced the Value Enhancement and Realisation Bonus Scheme ("VERBS"), at which time the market capitalisation of Microgen was £37.0 million. Including the forthcoming special dividend the Board has, since the introduction of VERBS, returned £28.2 million to shareholders through a progressive dividend policy, special dividends and tender offers. This is equivalent to over 75% of the Group's market capitalisation at the time of the introduction of VERBS. Furthermore, Microgen's market capitalisation, at 31 October 2011, has increased to £122.9 million.
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
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