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19 Apr 2011 07:00
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microgen
www.microgen.com
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19 April 2011
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INTERIM MANAGEMENT STATEMENT
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Ahead of the Company's Annual General Meeting later today, Microgen plc ('Microgen' or 'the Group') provides its Interim Management Statement covering the period from 1 January 2011 to the date of this announcement. Microgen released its final results for the year ending 31 December 2010 on 24 February 2011.
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The Group's financial results for the three months ended 31 March 2011 are in line with the Board's expectations. There have been no significant changes in the trading or financial position of Microgen and its balance sheet remains strong. Microgen had cash at 31 March 2011 of Β£27.5 million (31 December 2010: Β£25.4 million) and net funds of Β£25.8 million (31 December 2010: Β£23.6 million), prior to the proposed dividend payment in May of Β£1.7 million.
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The Microgen Aptitude Solutions Division has made a good start to the year continuing to deliver strong growth with a number of new licence agreements and extensions. The Financial Systems Division continues to perform satisfactorily in a flat market environment, underpinned by the Division's high recurring revenue and the Group's annual software licencing model.
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Reflecting the evolution of his role, the Board has now promoted David Sherriff to Chief Executive Officer. Also, the Board has appointed Peter Bertram, who is currently a non-executive director and chairman of the audit committee, as the senior independent non-executive director.
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While it is still early in the year and the Board remains cautious and prudent, Microgen has started the year well and remains on track to meet the Board's expectations.
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Contacts
Martyn Ratcliffe, Chairman 01252-772300
David Sherriff, Chief Executive Officer
Philip Wood, Group Finance Director
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James Melville-Ross, Financial Dynamics 020-7831-3113
Haya Herbert-Burns, Financial Dynamics
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