Last checked at 10 May 2013 11:30
For immediate release | 10 May 2013 |
Zytronic plc
("Zytronic" or the "Group")
In the AGM Trading statement on 28 February reference was made to confirm the slower first half performance, due, as expected, to the absence of one off electronic displays and other business which had accounted for approximately £2 million of revenues in the comparable prior period.
On the basis of a number of encouraging and positive signs of improvement at the time of the AGM, and an expectation of a return to the usual pattern of much stronger second half trading, the Board had expected an improvement in orders and profitability across the remainder of the year.
The Interim results for the first half are due to be announced on 21st May, and will show revenues of £8.5 million and profit before tax of £0.8 million. Of more significance is that, despite there still being an encouraging pipeline of opportunities, the conversion rate to orders is much slower than the Board anticipated, and as a consequence the result for the year will be very significantly behind market expectations, with year to date profitability more than halved.
The company continues to be cash generative and is in a strong financial position with cash of £4.6 million and borrowings of £1.8 million as at 31 March 2013 and is still in a position of having several very interesting projects with the potential to materially improve future performance.
Enquiries:
Zytronic plc | 0191 414 5511 |
Mark Cambridge, Chief Executive | |
Denis Mullan, Group Finance Director | |
Buchanan | 020 7466 5000 |
Richard Darby, Gabriella Clinkard | |
N+1 Singer | |
Aubrey Powell/ Will Goode | 020 7496 3000 |
Notes to Editors
Zytronic is the developer and manufacturer of a unique range of internationally award-winning touch sensor products. These products employ an embedded sensing element and are based around projected capacitive technology ("PCT™") sensing. PCT offers significant durability, environmental stability and optical enhancement benefits to system designers of touch interactive, industrial, self-service and public access equipment. During 2012, Zytronic developed new know-how to create mutual projected capacitive technology ("MPCT™") which enables multi-user and multi-touch touch sensing in ultra large form factor sizes up to 84".
Operating from three modern factories near Newcastle-upon-Tyne in the United Kingdom, Zytronic assembles touch sensors using special glass and plastic materials, in environmentally controlled clean rooms.