Angle PLC
20 September 2007
For Immediate Release 20 September 2007
ANGLE plc
('ANGLE' or the 'Company')
AGM Statement
At the Annual General Meeting of ANGLE plc today, Hance Fullerton, retiring
Chairman, will make the following statement:
'ANGLE has made a strong start to the year, continuing to trade in line with the
expectations for the year outlined at our Preliminary Results announcement on 5
July. Solid progress has been made in both of our key operating divisions.
Our Management services business is now trading profitably and is expected to
deliver at least £0.4 million profit for the year. In addition to successfully
implementing £1m of annualised cost savings, ANGLE has also secured a
significant new contract win with the Innovation Lincolnshire Outreach Programme
which, as announced on 27 June, will generate £0.9m of revenue for the Company
over a 21 month period. The Group will continue to pursue further such contracts
in order to drive revenue growth and broaden its exposure to a pipeline of
potentially high-value IP opportunities.
Solid progress has also been made within our Ventures division. Evidence of
successful value creation has been demonstrated, as announced on 5 July, through
a £4 million profit from the gain in fair value of portfolio company Geomerics.
Furthermore, in line with our current strategy, operating costs in this division
have also been reduced by an estimated £1.3 million on an annualised basis.
As previously announced, I am retiring following today's Annual General Meeting
and Garth Selvey is succeeding me as non-executive Chairman. I would like to
thank the Chief Executive, other directors and senior management for all their
support over the years. I look forward to hearing of ANGLE's success in the
future.'
Andrew Newland, Chief Executive will add:
'I would like to take this opportunity to thank Hance for all his hard work and
dedication to ANGLE over the years. Under his stewardship, the Group has
developed from a start-up business to an established leader in IP
commercialisation. We wish Hance all the best for a long and enjoyable
retirement and sincerely thank him for his outstanding contribution to ANGLE.'
Enquiries:
ANGLE plc
Andrew Newland, Chief Executive 01483 295830
Ian Griffiths, Finance Director
Collin Stewart Europe Limited 020 7523 8350
Mark Connelly
Scott Harris 0207 653 0030
Stephen Scott, James O'Shaughnessy, Harry Dee
Buchanan Communications 0207 466 5000
Richard Darby, Suzanne Brocks, James Strong
Notes to Editors
Founded in 1994, ANGLE is an international venture management company focusing
on the commercialisation of technology and the development of technology-based
industry. ANGLE creates, develops and advises technology businesses on its own
behalf and for its clients. ANGLE is listed on AIM (AGL.L); further information
can be found on www.ANGLEplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
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