Last checked at 15 Sep 2008 12:00
Qonnectis plc
('Qonnectis' or 'the Company')
Trading Update
Following the year end at 30th June 2008 the Board of Qonnectis is pleased to provide shareholders with an update of progress in the period.
The Company has maintained its track record of significant revenue growth compared with previous financial years and continues to secure new customers for its developing product range. Trial quantities of Leakfrogs have been supplied to two more UK water companies and Leakfrog has also been successfully deployed, to date in relatively low volumes, on a leak management programme in Ireland. Qonnectis loggers have also been installed for multi utility monitoring within a substantial housing association.
A number of small orders have been received from Halma under the Memorandum of Understanding signed in February, however the distribution agreement has not been finalised. The Company has also been considering other distributors with a greater level of international coverage.
In April a placing raised £1.25 million and this has put the company on a sound financial footing to effectively exploit its potential in the markets in which it operates and to continue the evolution of its products.
The focus on utility conservation and increased efficiency is stronger than ever with the recent increases in utility prices. Qonnectis remains the one company which concentrates its efforts primarily on the water sector and, most importantly, has its own in house developed IP technology. It is increasingly likely that compulsory water metering will become more widespread, particularly after April 2010 and this bodes well for the Company's prospects.
The Company plans to release it preliminary announcement of the results for the year ended 30 June 2008, in mid November 2008.