29 Mar 2019 07:00
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
29 March 2019
Remote Monitored Systems plc ("Remote Monitored Systems", the "Company" or the "Group")
Trading update
Remote Monitored Systems plc, the AIM quoted survey, inspection and monitoring company, is pleased to provide an update on progress in the first quarter of 2019.
Geocurve
Geocurve Limited ("Geocurve"), which provides Survey and Inspection services to a range of major blue-chip companies and government agencies, has experienced a slower than expected start to 2019, largely as a result of the need to dedicate more resources than expected to the Environment Agency's Thames Estuary Asset Management 2100 (TEAM2100) programme. Cost saving measures have been implemented to minimise the effects of the resulting delays. However, a number of contracts with new clients have been won which should begin to contribute to sales in the second quarter.
The Company also announces the resignation of its Managing Director Gary Nel, who will leave the Group at the end of this month. A process to identify a successor is underway.
GyroMetric
GyroMetric Systems Limited ("GyroMetric"), in which the Company made an initial 37% investment in April 2018 and acquired a 58% controlling interest in August 2018, has been invited to present the company's unique digital monitoring approach for wind turbines to senior industry figures at a special event organised in Berlin by the British Foreign Office. The event is titled "UK Offshore Wind Innovation (Squaring the Circle)", with the GyroMetric presentation forming a key part of the Digitalisation - Asset Management theme. This event is linked to and precedes the Annual Conference of German Offshore Wind Farm Operators on 9-10 April. Later the same week GyroMetric will be presenting new developments in marine drive monitoring to GyroMetric's long term marine agent in Germany.
As previously announced, GyroMetric will be conducting trials for two major wind turbine manufacturers, the first of which is expected to start in June, with further material progress and commercial developments expected in relation to both these opportunities.
As a result of the recent successful recruitment of a Technical Sales Director, a number of promising opportunities in new sectors, where lead times are typically shorter, are already being pursued.
Trevor Brown, CEO of Remote Monitored Systems plc, commented "Swift action has been taken to address the issues arising at Geocurve and we look forward to renewed growth in sales to new clients. We remain excited by the opportunities at GyroMetric, both in the wind industry and in new sectors. The Board continues to seek further opportunities to enhance shareholder value."
ENQUIRIES:
Remote Monitored Systems plc
Trevor Brown (Executive Director) +41 7941 55384
Nigel Burton (Non-Executive Chairman) +44 7785 234447
SP Angel Corporate Finance LLP +44 20 3470 0470
Stuart Gledhill
Jeff Keating
Caroline Rowe
Peterhouse Corporate Finance +44 20 7469 0930
Lucy Williams
Fungai Ndoro