Last checked at 25 Jan 2016 07:00
25 January 2016
Ubisense Group PLC
("Ubisense" or "the Group")
Trading Statement
Ubisense Group PLC (LON:UBI) gives the following update on trading for its financial year ended 31 December 2015.
In the final few weeks of 2015, the Group closed many of its targeted opportunities, resulting in full year revenues for 2015 being approximately £22 million.
The strategic restructuring of the business is now substantially complete, and has delivered annualised cost savings in excess of the £5 million previously indicated, resulting in an adjusted EBITDA loss for the second half substantially smaller than that recognised in the first half. Most importantly, the Group has entered 2016 with a much lower operating cost base consistent with current revenue levels.
Cash balances at the end of December were £5.4 million and were above the Board's expectations, resulting in the Group being in a £0.2m net debt position (2015: £3.2m) at the year end.
Peter Harverson, Chairman of Ubisense, commented:
"Following a challenging year, actions taken in the second half to right-size the business have delivered a significantly improved financial result for the half. The Group enters 2016 with a solid order book, including a number of strategic sales awards, and supported by a more appropriately sized cost base."
For further information contact:
Ubisense Group plc +44 (0)1223 535170
Richard Green
Tim Gingell
Numis Securities Limited +44 (0)20 7260 1000
Simon Willis (Corporate Finance)
Jamie Lillywhite (Corporate Finance)
Toby Adcock (Corporate Broking)
Redleaf Communications +44 (0)20 7382 4730
Rebecca Sanders-Hewett
David Ison
Harriet Lynch
About Ubisense
Ubisense (AIM: UBI), a global leader in Enterprise Location Intelligence solutions, helps manufacturing, communications and utility companies improve operational efficiency and boost profitability. Ubisense location intelligence systems bring clarity to complexity, enabling customers to revolutionise their operational effectiveness in a measurable way. Founded in 2002, Ubisense is headquartered in Cambridge, England, with offices in North America, France, Germany and Japan. For more information visit: www.ubisense.net.