21st Mar 2005 07:02
Applied Optical Technologies PLC21 March 2005 21 March 2005 APPLIED OPTICAL TECHNOLOGIES PLC ("AOT" or "the Company") Pre Closing Trading Update Prior to entering its closed period for the year ending 31st March 2005, AppliedOptical Technologies plc issues the following trading update: Trading in the Company's American operations continues to be strong, and willfinish the year above expectations across all market sectors. The likely outcomefor the year has been positively influenced by the ongoing strength in the brandprotection market, a new contract for government security labels and achievementof the anticipated recovery in the ID business. The contribution from the Company's 3dcd joint venture will also be ahead of ourinitial expectations, due in part to the successful introduction of 3dcd'stechnology into the DVD video market. The restructuring of the UK operations announced in November 2005 has beenlargely completed. This restructuring involved an exit from the supply of eurobanknote foils and the packaging and metallising markets. The Company hasconsolidated its two manufacturing locations in Washington, Tyne & Wear, ontothe site at Crowther. Over the course of the year the workforce in the UK willhave been reduced from 164 to 83. AOT will continue to supply, from the Crowthersite, high security products for governments and corporations, including certaincurrency, ID and fiscal stamp applications. As part of this restructuring the Company has reached agreement to dispose of anumber of surplus assets and is currently in negotiations in respect of others. Overall, the year end results are expected to be in line with current marketexpectations and the Company's balance sheet and its cash position remainstrong. Due to the burden of the current and growing regulatory framework primarilydesigned for large fully listed public companies the Company is currentlyexamining a possible move to the AIM. A final decision on this will only be madeafter full consultations with the Company's advisers. Hitherto the Company has traded under a number of different trade names. As of1st April 2005, in order to ensure a common address to all markets, the Companywill exclusively use the OpSec brand name. The core markets for the Company'sproducts and services will continue to be banknote and high security products,brand protection, and ID protection. - Ends - For further information, please contact: Applied Optical Technologies plc 001 303 534 4500Mark Turnage, Chief Executive ([email protected])Mike Angus, Finance Director ([email protected]) Weber Shandwick Square Mile 020 7067 0700Nick Oborne This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
OSG.L