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26 Oct 2010 07:00
microgen
www.microgen.com
26 October 2010
INTERIM MANAGEMENT STATEMENT
Microgen plc ('Microgen' or 'the Group') announces its Interim Management Statement covering the period from 1 July 2010 to the date of this announcement. Microgen announced its interim results for the six months ending 30 June 2010 on 22 July 2010.
The Group's financial results for the three months ended 30 September 2010 are in line with the Board's expectations. A £6.2 million tender offer was completed in September and there have been no other significant changes in the financial position or trading of Microgen since that date. The Group's balance sheet remains strong and following the tender offer and £0.8 million interim dividend, Microgen had cash of £19.0 million (30 June 2010: £25.0 million) and net funds of £17.1 million (30 June 2010: £23.0 million) as at 30 September 2010.
Since 30 June 2010 the Microgen Aptitude Solutions Division has entered into a number of licence agreements and extensions with new and existing clients. The Microgen Aptitude Solutions Division also released significant new functional and performance modules in September for its flagship Business Process Platform, Microgen Aptitude. The Financial Systems Division continues to trade in line with our expectations, benefiting from its high levels of recurring revenue and strong cash flows.
While the Board remains cautious and prudent, Microgen remains on track to meet its expectations for the year.
Contacts
Martyn Ratcliffe, Chairman 01252-772300
David Sherriff, Chief Operating Officer
Philip Wood, Group Finance Director
James Melville-Ross, Financial Dynamics 020-7831-3113
Haya Herbert-Burns, Financial Dynamics
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