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28 Apr 2014 07:00
microgen
www.microgen.com
28 April 2014
INTERIM MANAGEMENT STATEMENT
In advance of the Company's Annual General Meeting today, Microgen plc ('Microgen' or 'the Group') provides its Interim Management Statement covering the period from 1 January 2014 to the date of this announcement. Microgen released its final results for year ended 31 December 2013 on 26 February 2014.
There have been no significant changes since 1 January 2014 in the trading or financial position of Microgen and its balance sheet remains strong. The Group had cash at 31 March 2014 of £40.6 million (31 December 2013: £40.2 million) and net funds of £22.1 million (31 December 2013: £20.9 million).
Investment continues in the Aptitude Software business in order to pursue the developing Big Data opportunity and, as anticipated, the contract with a North American prospect was signed shortly after the release of Microgen's results on 26 February 2014. In addition, the latest version of the Aptitude software is being launched today in line with the timetable set out in last year's Strategic Review. With this release Aptitude customers will have the ability to incorporate Hadoop into Aptitude-based multi-platform Big Data solutions.
The Financial Systems business continues to perform satisfactorily and is pursuing the strategy defined in 2013 to focus on the wealth management sector.
Microgen is continuously identifying and evaluating businesses and strategic investments which the Board believes may benefit from being operated as an independent business unit under Microgen's stewardship and thereby enhance value for shareholders. The Board will maintain its prudent approach and there can be no certainty that any material acquisition will be completed.
Contacts
Martyn Ratcliffe, Executive Chairman 020-7496-8100
Philip Wood, Group Finance Director
Lucy Delaney, FTI Consulting 020-3727-1131
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