Last checked at 29 Oct 2013 07:00
microgen
www.microgen.com
29 October 2013
Interim Management Statement
Microgen plc ('Microgen' or 'Group') provides its Interim Management Statement covering the period from 1 July 2013 to the date of this announcement. Microgen released its interim results for the six months ending 30 June 2013 on 22 July 2013.
There have been no significant changes since 1 July 2013 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 30 September 2013 of £26.8 million (30 June 2013 : £26.8 million).
Both the Financial Systems Division ("FSD") and the Microgen Aptitude Solutions Division ("MASD") continue to perform satisfactorily and in line with the Board's current expectations.
On 13 May, the Board announced that it would be undertaking a strategic review of each operating division and the Group. The outcome of the review has been released today in a separate announcement, including :
· A proposed tender offer for up to £10 million;
· Improved return on capital from the FSD through a ring-fenced leveraged capital structure;
· Significant investment in the MASD to pursue the Big Data market opportunity;
· Proposed changes to long term incentive schemes; and
· An acquisition strategy to increase the scale of the Group.
Contacts
Martyn Ratcliffe, Chairman 020-7496-8100
Philip Wood, Group Finance Director
James Melville-Ross, FTI Consulting 020-7831-3113
Lucy Delaney, FTI Consulting
Rowena Murray, Investec Bank Plc 020-7597 5970
Andrew Pinder, Investec Bank Plc