29th Mar 2019 14:15
LONDON (Alliance News) - Remote Monitored Systems PLC on Friday said its Geocurve Ltd unit has suffered a slower start than anticipated in 2019 due to a UK Environment Agency programme.
Shares in the survey, inspection, and monitoring firm were down 20% at 0.70 pence on Friday.
Geocurve, which provides survey and inspection services to blue-chip firms and government agencies, has experienced a subdued 2019 as it needed to "dedicate more resources than expected to the Environment Agency's Thames Estuary Asset Management 2100 programme" which caused delays.
Cost saving measures have been put into effect to limit the harm resulting from these delays and it is expected newly won clients will add to sales in the second quarter.
"Swift action has been taken to address the issues arising at Geocurve and we look forward to renewed growth in sales to new clients," said Remote Monitored.
More positively, GyroMetric Systems Ltd, in which Remote Monitored has a 58% interest, has been invited to present its digital wind turbine monitoring approach at an event organised by the British Foreign Office.
GyroMetric will undertake two trials for two undisclosed "major wind turbine manufacturers", the first starting in June.
"We remain excited by the opportunities at GyroMetric, both in the wind industry and in new sectors. The board continues to seek further opportunities to enhance shareholder value," said Brown.
Remote Monitored Managing Director Gary Nel is to depart the group before the end of March, and the process of appointing his successor has already begun.
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