Remote Monitored Systems PLC Update on Geocurve business (7331V)
05 Dicembre 2019 - 08:00AM
UK Regulatory
TIDMRMS
RNS Number : 7331V
Remote Monitored Systems PLC
05 December 2019
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
5 December 2019
Remote Monitored Systems plc
("Remote Monitored Systems", the "Company" or the "Group")
Update on Geocurve business
The Directors of Remote Monitored Systems Plc ("RMS" or the
"Company") announce an update in relation to the Company's wholly
owned subsidiary, Geocurve Limited ("Geocurve").
As noted in the Company's interim results to 30 June 2019,
released on 27 September 2019, following headcount reductions and
restructuring within Geocurve during the first half of the year,
Geocurve had returned to profitability and had been positioned to
take advantage of further opportunities from its use of innovative
technology in the surveying space. Since this time, the Board has
concluded that the investment required to grow Geocurve to critical
mass is not justified given the intense competition in the
surveying sector and accordingly, the Directors have taken further
action to reduce costs through a programme of additional
redundancies.
The Board is currently reviewing strategic options for the
Geocurve business and will provide further updates as appropriate
in due course.
Trevor Brown executive director of RMS said: "It is
disappointing that we have not been able to grow the Geocurve
business as previously expected, however the Board has taken
decisive action to protect shareholder funds by reducing the costs
and risks of Geocurve."
ENQUIRIES:
Remote Monitored Systems plc
Trevor Brown (Executive Director) +41 7941 55384
Nigel Burton (Non-Executive Chairman) +44 7785 234447
SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker +44 20 3470 0470
Stuart Gledhill
Jeff Keating
Caroline Rowe
Peterhouse Corporate Finance
Joint Broker +44 20 7469 0930
Lucy Williams
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END
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