31st Aug 2005 10:00
Sondex PLC31 August 2005 Wednesday 31st August 2005 Sondex plc("Sondex" or the "Company") Notification of Results and Trading Update Sondex, the oilfield technology company, today provides a trading update andinformation relating to the announcement of interim results under IFRS. Trading Update Trading at Sondex remains strong and a full six months ownership of Geolink willfurther help to deliver a healthy year on year increase in interim revenues forthe Group. Order intake continues to increase and is presently running ahead of deliveries,indicating a continuing strengthening of the market. The current order bookstands at an all time high. As is normal for Sondex, investment in expansion,manufacturing capacity and R&D is being made throughout the year, whilst themajority of revenues and hence earnings will be generated in the second half.Foreign Exchange instruments continue to protect against a possible weakening inthe dollar, though conversely no benefit is expected from the recentstrengthening. The Drilling division has reported good continuing business, in particular fromMexico and Russia, and is adding further sales resource in the Sondex MiddleEast office. The Wireline division is benefiting directly from the limitationsin hydrocarbon supply which drives the need to optimise production from knownreservoirs. Sondex continues to pursue opportunities to broaden its technology base andenter new markets. IFRS and the Interim results for the six months ending 31 August 2005 Sondex also announces that it intends to take advantage of the 30 day extensionallowed by the FSA in respect of the reporting deadline for the 31 August 2005interim results. This will allow time for the additional work necessary toprepare the first set of results to be published under International FinancialReporting Standards. Consequently, the interim results will this year beannounced in December, rather than November. Prior to the publication of theinterim results, the Company will additionally publish a separate documentreconciling existing key financial statements from their current presentationunder UK GAAP to compliance with IFRS. Martin Perry, Chief Executive of Sondex, said: "Trading at Sondex remains strong. The actions we have taken to increase ourmanufacturing capacity will enable us to meet the further demands of astrengthening order book in the second half, and we continue to pursueopportunities to broaden the technology base and enter new markets." For further information, please contact: Sondex Tel: 0118 932 6755Martin Perry (Chief Executive)Chris Wilks (Finance Director) College Hill Tel: 020 7457 2020Ben Brewerton / Nick Elwes Notes to Editors Sondex plc designs, manufactures and markets electro-mechanical based equipmentfor optimising oil and gas recovery. Sondex equipment is used by all the leadingoperators and service companies in the world, and has established an excellentreputation for quality and reliability. Sondex's main product lines are instruments which gather data during thedrilling and production phases in established reservoirs, assisting in moreefficient oil and gas recovery, cost-effective reservoir management, andmaintenance of well integrity. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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