Last checked at 28 Sep 2010 15:20
28 September 2010
LONZIM PLC
("LonZim" or the "Company")
Celsys Ltd completes restructure and sees growth
LonZim, the Zimbabwe focused investment company listed in London, is pleased to announce strong progress at its subsidiary Celsys Ltd. Celsys Ltd is listed on the Zimbabwe Stock Exchange and reports that :
·; Sales and profitability progressing as the economy continues to rebuild
·; New printing and finishing equipment purchased by LonZim driving improved sales
·; Significant cost efficiencies have been realized
·; Quality management and staff now in place to support projected growth
·; Attainment of the ISO 9001:2008 Quality Standard by the Print Division
·; Delivering significant growth in core businesses : airtime distribution; commercial and security printing; ATM and POS sales and leasing
LonZim acquired a 60% stake in Zimbabwe listed Celsys in December 2007. Celsys has since been rationalized and refocused into three core businesses: Commercial and Security Printing; Airtime distribution and the lease, supply and maintenance of ATM and POS equipment.
Celsys is pleased to announce that it has obtained the desirable ISO 9001:2008 Quality Standard for its Print Division and that the delivery of new print equipment for the business is now complete. This, combined with the highly experienced improved management team running the company, positions Celsys to continue to deliver real revenue and margin growth.
Run by Mr. Adam Lemon, who was recently appointed as the CEO of Celsys by LonZim, Celsys has completed a planned restructure to focus on its core businesses as the Zimbabwe market rebuilds. This has resulted in significant cost efficiencies and all operations and management of its operations now being based at the Southerton premises.
Mr. David Lenigas, Executive Chairman of Lonzim, comments: "We are very pleased with the strong progress made at Celsys. A combination of the quality management and highly competitive quality operations with the ongoing revival of the economy has resulted in Celsys' making good progress as the Zimbabwe market builds."
For further information, please contact:
| LonZim Plc |
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| David Lenigas | Executive Chairman | +44 (0) 7881 825 378 |
| Geoffrey White | Chief Executive Officer | +44 (0) 7717 307 308 |
| Emma Priestley | Executive Director | +44 (0) 7867 785 177 |
| David Armstrong | Group Finance Director | +44 (0) 7833 054 693 |
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| WH Ireland Ltd: Nomad and Broker |
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| James Joyce |
| +44 (0) 20 7220 1666 |
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| Pelham Bell Pottinger |
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| Charles Vivian |
| +44 (0) 20 7861 3126 |
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| +44 (0) 7977 297 903 |
| James MacFarlane |
| +44 (0) 20 7861 3864 |
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| +44 (0) 7841 672 831 |