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22 Dec 2011 07:00
22 December 2011
NORCON PLC
("Norcon" or "the Company")
TRADING AND DIVIDEND UPDATE
Norcon plc,(LSE/AIM: NCON) the global communications network specialist, delivers the following update ahead of the close of its financial year ended 31 December 2011.
Norcon is pleased to report that despite the current challenging economic times, the Company continues to see high demand for its services from both existing and new clients. The Company has successfully maintained a significant level of client retention and maintains its strong competitive position in its key markets. As a result, the Company expects results for the year ended 31 December 2011 to be broadly in line with market expectations.
During the year, and particularly in the second half, the Company has continued to pursue its stated aim of expanding into new target sectors and geographies as stated in the interims. These opportunities, including further developments in the LTE/4G space are likely to have a positive impact in the year to come.
Both this continued expansion into new territories and the fact that some key clients will move toward awarding fixed price contracts with milestone payments will require an additional investment in working capital in order to ensure successful implementation. As a consequence, the Norcon plc Board of Directors (the "Board") has decided not to pay an interim dividend.
Board members remain significant shareholders in the Company and committed to pursuing a dividend policy that is both sustainable and commensurate with allowing the Company to grow and diversify for the long term. The final dividend for the year 2011 will be declared upon the publication of the final results, expected in April 2012.
For further information, please contact:
Norcon plc | |
Arnold Rørholt, Chief Executive Officer | +47 90 11 66 90 |
Marne Martin, Chief Financial Officer | +44 (0) 78 13 92 09 74 |
FTI Consulting | |
James Melville-Ross, Matt Dixon, or Tracey Bowditch | +44 (0) 20 7831 3113 |
Finncap | |
Sarah Wharry, Charlotte Stranner, or Rose Herbert | +44 (0) 20 7600 1660 |
ABOUT NORCON:
Established in 1957, Norcon (LSE/AIM: NCON) has been a trusted consultant and project manager for more than half a century to governments and some of the world's largest global firms. These organisations rely on Norcon to select, implement and maintain a communication infrastructure that not only matches, but also supports the critical needs of their operations. Norcon's strength lies in its understanding of complex communication networks and their design. www.norconplc.com
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