5th Dec 2019 11:07
(Alliance News) - Remote Monitored Systems PLC said Thursday it is reviewing strategic options for its subsidiary Geocurve Ltd, after deciding on further redundancies at the business.
Shares in the data collection and surveying firm were down 11% in mid-morning trade at 0.38 pence each.
RMS, in its interim report published in late September, said its Geocurve business was positioned to "take advantage of further opportunities", after a series of redundancies in the first half and a restructuring.
"Since this time, the board has concluded that the investment required to grow Geocurve to critical mass is not justified given the intense competition in the surveying sector and accordingly, the directors have taken further action to reduce costs through a programme of additional redundancies," the company explained.
Executive Director Trevor Brown added: "It is disappointing that we have not been able to grow the Geocurve business as previously expected, however the board has taken decisive action to protect shareholder funds by reducing the costs and risks of Geocurve."
The surveying services company said it is reviewing strategic options for Geocurve and will provide further updates as "appropriate in due course".
By Paul McGowan; [email protected]
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