2nd Feb 2007 07:00
Timestrip PLC02 February 2007 Trading Update and Strategic partnership with Whirlpool The Board is pleased to announce that steady progress has been made towards thecommercialisation of its patented technology across a number of internationalmass markets. The list of customers who are either implementing or co-developingthe Timestrip technology include such household names as Henkel, Nestle,Hamilton Beach/Febreze, Bayer and, now, Whirlpool. In addition, all previouslystated technical projects, market tests and full scale supply agreements areprogressing well. As is often the case with the commercialisation of a new technology, the Grouphas experienced longer than expected lead-times in the implementation process,especially with the larger multi-national customers and now expects revenues tobe approximately £375,000 for the year ended 31/12/06, with losses no greaterthan £1,500,000, broadly in line with market expectations. In the light of this experience the Board believes it prudent to reduce 2007revenue expectations by 25%. However it remains very confident that theincreasing number and quality of leads from our blue chip client base willenable the Company to show considerable revenue growth in the current financialyear. The Company remains in strong financial health with a current cash balancein excess of £2 million. The Company will continue its policy of announcing commercial relationships oncethey are finalised. Today's separate announcement of a revenue generatingstrategic partnership with Whirlpool, one of the world's leading consumerbrands, demonstrates the increasing market acceptance of our technology. It is expected that the preliminary results for the year to 31st December 2006,will be announced in April 2007, at which time a further report on progress willbe made. For further details please contact - Enquiries: Paul Freedman/Reuben Isbitsky, Joint CEOs, Timestrip plc 01462 440 700Shane Dolan, Biddicks 020 7448 1000Fergus Marcroft, Evolution Securities 020 7071 4300 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Time Finance