SDX Energy Regulatory News (SDX)

20 Jun 2007 07:01

Sondex PLC20 June 2007 Sondex plc("Sondex" or the "Company") Interim Management Statement Sondex, which holds its AGM today at 11.00, is publishing its first InterimManagement Statement as required by the revised Listing Authority disclosurerules. The Board is confident that, as reported in the preliminary results statement of15 May 2007, the markets in which Sondex operates remain buoyant and the Companyhas a solid foundation from which to deliver further growth in the coming years. Cumulative order intake for the current year to date has been over 20% higherthan last year with particular strength from China and Russia. Revenue duringthe first quarter is in line with management expectations. Investment in Research & Development has increased to £1.7m in the first quarter(£1.4 million in Q1 2006/7), focused on two major projects which are nowentering the early field trial stage. In Canada, Sondex Canada Inc. and Sondex Drilling Tools Inc. (ex Bluestar Tools)have been integrated, combining the manufacturing and engineering facilities.Sondex's Canadian operations now function as a single entity. The Canadianmarkets have seen recent increases in rig rates indicating a returning strengthto this market. Integration of the product lines from recent acquisitions is on-going. Deliveryof drilling systems which incorporate the combination of products from Geolink,Bluestar Tools and Ultima Labs is planned for the second half of the currentfinancial year. An improvement in debtor levels has been effected since the year end and aninitiative to improve stock levels is in process. There have been no other significant changes in the position of the Company overthe period since the publication of its report and accounts for the year ended28 February 2007. Overall, the Board continues to be satisfied with the progress being made bySondex and the activity levels in its markets. 20th June 2007 ENQUIRIES: Sondex Tel: 01252 862 200Martin Perry (Chief Executive)Chris Wilks (Finance Director) College Hill Tel: 020 7457 2020Nick Elwes This information is provided by RNS The company news service from the London Stock Exchange