9th Jan 2008 07:00
Flomerics Group PLC09 January 2008 Flomerics Group plc ("Flomerics" or "the Group") Trading Update 2007 Flomerics, the global supplier of simulation software, announces a tradingupdate for the year ended 31 December 2007. The Group maintained its traditional pattern of trading with a much strongerperformance in the second half of the year. Group revenues will be broadly inline with market expectations, but not sufficient to meet market expectationsfor profit. Adjusted profit before tax* for the year is likely to be in excessof £1 million following the loss of £545,000 in the six months to 30 June 2007. The Nika range of EFD products has shown strong growth both in its existingmarkets and in new markets and the Board sees good prospects for this growth tocontinue. The Group's overall plans for 2008 have been reduced because EFDsales will be building from a lower base at the start of the year. However, theBoard is confident that the 2008 results will show considerable improvement from2007. On 20 December 2007 the Group announced the disposal of its electromagneticsline of business ('the EM Business'), effective from 1 January 2008, for £1.6million. This will allow greater focus on its core business of fluid flowsimulation during 2008. Cash balances have grown by over £1 million since 30 June 2007 to in excess of£2.7 million as at 31 December 2007. This number excludes any proceeds from thesale of the EM business, which will be received in two stages during 2008. TheGroup expects to announce full year results for 2007 in April 2008. The Group'sresults will be prepared under IFRS, however for the purposes of this statementall numbers are before any IFRS adjustments. * Adjusted profit/loss is before amortisation of intangibles, capitalization of development costs and share based payments. www.flomerics.com Enquiries: Flomerics Group +44 20 8487 3000Gary Carter, Chief ExecutiveKeith Butcher, Finance Director Conduit PR +44 20 7429 6604Christian Taylor-Wilkinson, Charlie Geller +44 7970 067320 Oriel Securities Limited +44 20 7710 7600Nominated AdviserAndrew Edwards This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Flowtech Fluid.