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13 Aug 2010 07:00
13 August 2010
NORCON PLC
TRADING UPDATE
For the Six Months to 30 June 2010
Norcon plc ("Norcon" or the "Company") today issues an update in respect of trading for the six months to 30 June 2010.
Norcon is pleased to report that the Company continues to see demand for its services from both existing and new clients and has successfully maintained the significant level of client retention and strong competitive position it enjoys in the markets in which it operates.
The Company during the period has also continued to pursue its stated aim of expanding in to new target sectors and geographies with a number of contract wins. The development of additional projects in the pipeline has been promising, albeit with some delays due to operators evaluating technologies and negotiating license terms.
Revenue for the first half is now expected to be within approximately 5% of the Board's half year expectations, with net cash at US$8.5 million, an increase of US$3.5 million from H1 FY2009. The Board expects margins for the full year to be consistent with prior years. The Company is also confident that the long-term drivers for growth at Norcon remain in place.
Further detail will be provided in the Company's interim results for the six months to June 2010, which will be announced in mid September 2010.
Commenting on the announcement, Norcon Chief Executive, Arnold Rørholt said:
"The underlying demand for our services remains evident and we are confident that we remain on a long-term growth path as a Company. Our current focus as a Board and management team rests on securing a positive outcome to our plans to diversify the sources of our organic growth, as well as continuing to pursue our strategic aim of expanding into new market segments and geographies."
For further information, please contact:
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Norcon plc |
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Arnold Rørholt, Chief Executive Officer |
+47 90 11 66 90 |
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Marne Martin, Chief Financial Officer |
+44 (0) 78 13 92 09 74 |
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Financial Dynamics |
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James Melville-Ross, Matt Dixon, or Erwan Gouraud |
+44 (0) 20 7831 3113 |
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Finncap |
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Clive Carver, 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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