12th Jan 2006 15:58
Trading update and resignation of non-executive directorTrading updateIn its interim results released on 28 September 2005, Brady ("the Company")announced that it was in dispute with a client over a significant contract tosupply a modified Trinity system. The dispute remains ongoing. The directors,having taken legal advice, continue to believe that the claim made by theclient remains without merit and the Company continues to pursue a counterclaimfor unpaid work performed by the Company pursuant to the contract.The customer dispute has resulted in delays in the Company being able to offerthe Trinity v600 product to other customers. As a result, the trading loss inthe second half of 2005 is now expected to be higher than the loss reported inthe first half of 2005.Trinity v600 was released from development at the end of 2005 and will be madeavailable to customers in Q1 2006. The directors are expecting this importantstep to result in an improvement in trading in 2006 and an improved conversionof the pipeline of leads into new licence sales.Resignation of non-executive directorJoel Koschitzky has tendered his resignation as a non-executive director of theCompany to concentrate on his other international business commitments. Theboard would like to thank Joel for his contribution.For further information, please contactRobert BradyBrady PLC.281 Cambridge Science Park,Milton Road,Cambridge CB4 0WETel: 01223 479 479Email: [email protected] PLCRelated Shares:
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