3rd Nov 2008 07:00
3 November 2008
NORCON PLC
BUSINESS UPDATE
Norcon plc ("Norcon" or "the Company"; LSE/AIM: NCON), an international leader in project management and outsourcing in the telecommunications, defence and IT sectors is pleased to provide an update on its business performance since the announcement of its interim results in September, including a number of significant contract extensions.
Highlights include a ten month contract extension with Axis in Indonesia, a nine month contract extension with Qtel in Qatar, and a 24 month contract extension with Bravo in Saudi Arabia. These contract extensions and work with other existing clients support 2008 year end and projected 2009 revenues.
Business continues to progress well with employee numbers growing from 630 as of 30 June to 672 as of 1 November 2008. The Company also remains active in pursuing further growth opportunities whether organically or through partnerships / acquisitions.
Norcon is also pleased to announce that it has successfully passed the Surveillance Audit of its Quality Management System (QMS) implementation based on ISO9001:2000 Quality Standard. This is the 13th such audit to be completed without any Non-conformity or Observation points raised. The auditors complimented the Company on the excellence of its QMS and the dedication and commitment of the management and the staff in implementing it.
Arnold Rørholt, Chief Executive Officer of Norcon, commented, "It is of course pleasing to see Norcon continue to perform as we head towards the end of our financial year. It is especially encouraging that the Company is delivering on its strategy of expanding business and client relationships in a number of countries in our target markets in the Middle East and South East Asia. The contract extensions help validate this strategy and prove that economic conditions and customer demand for our product and services are strong throughout the region."
CONTACTS:
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Norcon plc |
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Arnold Rørholt, Chief Executive Officer |
+47 (0) 90 11 66 90 |
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Marne Martin, Chief Financial Officer |
+44 (0) 78 13 92 09 74 |
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ICIS |
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Tom Moriarty, Christian Taylor-Wilkinson, or Caroline Evans-Jones |
+44 (0) 20 7651 8688 |
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Finncap |
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Clive Carver or Rose Herbert |
+44 (0) 20 3207 3212 |
ABOUT NORCON:
Norcon is an international project management and outsourcing services business, operating in the telecommunications, IT and defence sectors. Registered in Isle of Man, headquartered in Cyprus, the Company has provided project management services since 1957 in more than 20 countries around the world. www.norconplc.com
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