Last checked at 4 Jul 2022 16:43
Amendment: Trading Update
The following amended announcement contains additional related party transaction information that was originally intended to be incorporated as part of the Trading Update announcement released at 7.00 am on 30 June 2022 (under RNS No. 7308Q).
The full amended version is below.
30 June 2022
Microsaic Systems plc
("Microsaic" or the "Company")
Trading Update
H1 2022 revenues up 40% due to new services division
Strong H2 2022 order book for services continues to grow
Microsaic Systems plc (AIM: MSYS), is pleased to announce an unaudited trading update for the six months ended 30 June 2022 ("H1 2022"). The launch of the Microsaic Services Division, earlier this year, has resulted in an uplift of 40% in revenues to £701k in H1 2022 (H1 2021: £499k) and a healthy order book for H2. The provision of these services only commenced in April and include R&D Engineering Consultancy, Analytical and AI Software Service Programmes designed for the medical device, environmental, aerospace and food industries.
The Company's website has also been updated to highlight the additional services being offered by the Microsaic team.
Gerry Brandon, Acting Executive Chairman of Microsaic Systems plc, commented
"Microsaic's new high-tech services division has quickly generated revenues and has helped transition the Company from product sales to customer-centric service solutions in Human and Environmental Health so far. We are exploring opportunities and already identified multiple sources of revenues including strategic partners and OEM agreements, we have a healthy order book for H2 2022 which is the strongest ever going in to the second half."
Related party transaction
The outlook for the second half includes a further statement of work from DeepVerge plc's subsidiary, Innovenn UK Limited, under the previously announced Manufacturing Services Framework Agreement ("MSFA") between the same parties (the "Further Order"). This contract has a value of approximately £600,000 and constitutes a related party transaction for Microsaic under Rule 13 of the AIM Rules for Companies, by virtue of its size and Microsaic and DeepVerge having two directors in common. At the time of entering into the MSFA and an initial order under its terms were fair and reasonable insofar as the Company's shareholders are concerned. The independent director also considers that the terms of the Further Order are consistent with the terms of both the MSFA and the initial order thereunder, and therefore considers the terms of the Further Order to be fair and reasonable insofar as shareholders are concerned.
Gerard Brandon and Nigel Burton, Non-executive Chairman and Non-executive Director respectively, are both directors of DeepVerge and have abstained from participating in the consideration of this new order by Microsaic.
Enquiries:
Microsaic Systems plc | +44 (0) 734 0055 648 |
Gerry Brandon, Executive Chairman |
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Singer Capital Markets (Nominated Adviser & Joint Broker) | +44 (0)20 7496 3000 |
Aubrey Powell / George Tzimas (Corporate Finance) |
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Tom Salvesen (Corporate Broking)
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Turner Pope Investments (TPI) Limited (Joint Broker) Andy Thacker / James Pope | +44 (0) 20 3657 0050 |
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Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information as stipulated under the UK version of the market abuse regulation no 596/2014 which is part of English law by virtue of the European (withdrawal) act 2018, as amended. On publication of this announcement via a regulatory information service, this information is considered to be in the public domain.
About Microsaic Systems
Microsaic floated on AIM in 2011 to develop and commercialise micro-engineering chip-based mass spectrometry equipment. Having invested c. £30m over 20 years of development, Microsaic has a robust and innovative patent portfolio in cutting-edge technology designed and developed for "Industry 4.0" application. Microsaic serves markets in Human Health, Environmental Health and Diversified Industries. Microsaic's system solutions enable analytical detection and characterisation at the point-of-need, whether within a conventional laboratory setting, or within a bioprocessing facility for continuous MS detection data at multiple steps in the process workflow.
Microsaic's products and systems are commercially available through global markets via a network of regional and local partners, targeting its core laboratory, manufacturing and point of need applications.