Last checked at 9 Apr 2018 08:25
9 April 2018
Starcom Plc
("Starcom" or the "Company")
AGM Statement
Starcom (AIM: STAR), which specialises in the development of wireless solutions for the remote tracking, monitoring and protection of a variety of assets and people, announces that Michael Rosenberg, Chairman of Starcom will provide the following trading update at today's AGM:
The directors of Starcom are pleased to report that, based on unaudited management accounts, revenues for the first quarter have exceeded the level predicted in the Chairman's statement accompanying the results for the year ended 31 December 2017.
Revenues for the period were approximately $1.5m compared to the predicted level of $1m. In the same period in 2017, revenues were approximately $765,000. While it is not the intention to publish regular quarterly statements, the board felt it was important to update shareholders on the high level of business generated in the first quarter of 2018 and also the positive sales enquiries we are receiving from our customers; all of which indicates that revenues for the full year will comfortably exceed those of last year.
As previously stated, it is expected that EBITDA for the year will turn positive.
We can additionally report that our new strategic customers, including CropX and WIMC, have indicated placing further orders this year, in line with our expectations.
On the technology side, the Company is planning to launch new, cheaper and more versatile versions of the Watchlock, under the Starcom brand, which we hope will stimulate market interest while providing higher margin sales.
-ends-
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information, please contact:
Starcom Plc
Michael Rosenberg, Chairman 07785 727 595
Avi Hartmann, CEO +972 5447 35663
Northland Capital Partners Limited (Nominated Adviser and Broker) 020 3861 6625
Edward Hutton / David Hignell (Corporate Finance)
John Howes (Sales and Broking)
Peterhouse Corporate Finance Limited (Joint Broker) 020 7469 0930
Lucy Williams / Charles Goodfellow / Eran Zucker
Leander PR (Financial PR) 07795 168 157
Christian Taylor-Wilkinson