5 Dec 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.
5 December 2019
Remote Monitored Systems plc
("Remote Monitored Systems", the "Company" or the "Group")
Update on Geocurve business
The Directors of Remote Monitored Systems Plc ("RMS" or the "Company") announce an update in relation to the Company's wholly owned subsidiary, Geocurve Limited ("Geocurve").
As noted in the Company's interim results to 30 June 2019, released on 27 September 2019, following headcount reductions and restructuring within Geocurve during the first half of the year, Geocurve had returned to profitability and had been positioned to take advantage of further opportunities from its use of innovative technology in the surveying space. Since this time, the Board has concluded that the investment required to grow Geocurve to critical mass is not justified given the intense competition in the surveying sector and accordingly, the Directors have taken further action to reduce costs through a programme of additional redundancies.
The Board is currently reviewing strategic options for the Geocurve business and will provide further updates as appropriate in due course.
Trevor Brown executive director of RMS said: "It is disappointing that we have not been able to grow the Geocurve business as previously expected, however the Board has taken decisive action to protect shareholder funds by reducing the costs and risks of Geocurve."
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 | |
Nominated Adviser and Joint Broker | +44 20 3470 0470 |
Stuart Gledhill | |
Jeff Keating | |
Caroline Rowe | |
Peterhouse Corporate Finance | |
Joint Broker | +44 20 7469 0930 |
Lucy Williams |