15th Feb 2012 07:00
15 February 2012
NORCON PLC
("Norcon" or "the Company")
TRADING UPDATE
Norcon Plc ("Norcon" or "the Company"), the global communications network specialist provides the following update concerning its financial year ended 31 December 2011.
In the Company's trading announcement issued on 22 December 2011, Norcon stated that it expected results for the full year ended 31 December 2011 to be broadly in-line with market expectations.
Following the period-end, the Company continues to expect that it will report revenue and gross profit that are broadly in-line with market expectations. However, since the previous announcement, certain events have impacted performance to the extent that profit before tax and net income for the year will now be lower than market expectations.
The Company's profit before tax has been impacted by higher than anticipated foreign exchange, financial, recruitment, and relocation costs. Net Income has been impacted by a higher than anticipated tax charge in Saudi Arabia.
Net cash at 31 December 2011 stood at US$7.1m (31 December 2010: US$6.1m).
As previously stated, the final dividend for financial year 2011 will be declared upon the publication of the final results, scheduled for 13 April 2012.
For further information, please contact:
Norcon plc | |
Arnold Rørholt, Chief Executive Officer | +47 90 11 66 90 |
Marne Martin, Chief Financial Officer | +44 (0) 78 13 92 09 74 |
FTI Consulting | |
James Melville-Ross, Matt Dixon, or Tracey Bowditch | +44 (0) 20 7831 3113 |
finnCap | |
Sarah Wharry, Charlotte Stranner, or Rose Herbert | +44 (0) 20 7600 1660 |
ABOUT NORCON:
Established in 1957, Norcon (LSE/AIM: NCON) has been a trusted consultant and project manager for more than half a century to governments and some of the world's largest global firms. These organisations rely on Norcon to select, implement and maintain a communication infrastructure that not only matches, but also supports the critical needs of their operations. Norcon's strength lies in its understanding of complex communication networks and their design. www.norconplc.com
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