Interim Management Statement

22 Apr 2008 07:00

Microgen PLC22 April 2008 MICROGEN PLCwww.microgen.com 22 April 2008 INTERIM MANAGEMENT STATEMENT Microgen plc ('Microgen') announces its first Interim Management Statementcovering the period from 1 January 2008 to the date of this announcement.Microgen announced its final results for the year ending 31 December 2007 on 21February 2008. The Group's financial results for the three months ended 31 March 2008 are inline with the Board's expectations. There have been no significant changes inthe trading or financial position of Microgen and its balance sheet remainsstrong. Microgen closed the quarter with £20.1 million of cash (31 December2007: £18.1 million) and net funds of £16.0 million (31 December 2007: £13.8million). Rationalisation of the Group's property portfolio has now been completed.Settlements have been agreed with the landlords of two properties, resulting inMicrogen now utilising all its properties for operational purposes.Additionally, in June 2008 Microgen expects to complete the disposal of itsLondon long-leasehold property for £2.05 million and to occupy its new Londonfacility located at 17 St Helen's Place. Since 31 March 2008 Microgen has acquired 3,670,686 shares in Scisys plc at anaverage price of 32.6p, equivalent to 12.89% of the issued share capital and atotal consideration of £1.2 million. The background to this shareholding hasbeen explained in recent announcements. Although markets remain unpredictable, Microgen has had a good start to the yearand the Board's outlook for the year remains positive. ContactsMartyn Ratcliffe, Chairman 01252-772300David Sherriff, Chief Operating OfficerPhilip Wood, Group Finance Director Giles Sanderson, Financial Dynamics 020-7831-3113Haya Chelhot, Financial Dynamics This information is provided by RNS The company news service from the London Stock Exchange