SDX Energy Regulatory News (SDX)

27 Jul 2005 11:30

Sondex PLC27 July 2005 Sondex plc("Sondex" or the "Group") Trading Update and Results of Annual General Meeting At Sondex's Annual General Meeting held today Iain Paterson, Chairman of Sondex,made the following comments: "In the last twelve months Sondex has demonstrated considerable growth and madesignificant progress upon all fronts. The year has seen the successful integration of Geolink, acquired in June 2004,which now forms the basis of a new division focused on drilling technology,whilst Computer Sonics Systems, acquired in December 2003, has become asignificant part of the Wireline division and additionally provides a valuableplatform for Group sales into Canada. The Group has opened a new high quality facility in Hampshire which houses theWireline division's final product assembly, doubling internal productioncapacity. Further international expansion has taken place in Canada, the MiddleEast and China, which has now become the largest geographical market for Sondex. Sondex has continued to invest in the future, in particular committing over 10%of revenues to R&D. New products and new generation technologies have beenintroduced across the range, helping maintain and expand the customer base. Current industry conditions are favourable and trading within the Wirelinedivision in particular is very encouraging. In the Drilling division, a step-upin business since the Geolink acquisition is being maintained, and furtherbenefits are expected once the results of increased investment in productdevelopment and international marketing are realised. Sondex's revenues arenormally biased towards the second half of the year, and this year is expectedto follow that trend. As over 80% of sales are denominated in U.S. Dollars the recent strengthening ofthe Dollar will benefit reported revenues. However, as all Group debt isdenominated in U.S Dollars and hedging instruments are in place to protect thecurrent year's earnings against further weakening, this benefit will becounteracted at the eps level We anticipate another successful year and are well placed for further growth." The board of Sondex is pleased to announce that all of the resolutions proposedat the AGM were duly passed. 27 July 2005 For further information, please contact: Sondex Tel: 0118 932 6755Martin Perry (Chief Executive)Chris Wilks (Finance Director) College Hill Tel: 020 7457 2020Nick Elwes / Ben Brewerton This information is provided by RNS The company news service from the London Stock Exchange