23rd Nov 2009 09:24
23 November 2009
MediLink-Global UK Limited
("MediLink" or the "Company")
Trading update
MediLink-Global UK Limited, the electronic healthcard network service provider, provides the following update on trading ahead of the close of its financial year on 31 December 2009.
At the time of the Company's interim results released on 30 September 2009 MediLink announced a number of operational highlights including the successful expansion of the Company's operations in China through the signing of new Third Party Administrators ("TPA") with insurance companies and the consolidation of the Company's position with insurance companies and corporate clients in other existing territories, including Singapore and Thailand.
To date the Company has signed TPA contracts with 8 insurance companies in China and the Company has continued its positive progress across all existing territories. However, the rate of increase in new policyholders of medical insurance from the 8 insurance companies in China has been slower than management initially anticipated during the second half of the year. As a result, the revenue generated from the Company's Chinese operations has been lower in the second half of the year and the Company now anticipates that its financial performance for the year to 31 December 2009 will be below market expectations. The Company anticipates recording a loss for the year to 31 December 2009.
The Board remains confident of the Company's prospects for 2010 particularly following the good progress in securing new insurance company clients in China as well as rolling out its Healthcare Providers network plan.
Appointment of nominated adviser and broker
MediLink is also pleased to announce the appointment of Allenby Capital Limited as nominated adviser and broker to the Company with immediate effect.
For further information please contact:
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MediLink-Global UK Limited Shia Kok Fat, Chief Executive Officer www.medilink-global.com |
Tel: 00 603 2296 3028 |
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Allenby Capital Limited Imran Ahmad/Nick Athanas |
Tel: 020 3328 5656 |
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