Microgen PLC
22 April 2008
MICROGEN PLC
www.microgen.com
22 April 2008
INTERIM MANAGEMENT STATEMENT
Microgen plc ('Microgen') announces its first Interim Management Statement
covering the period from 1 January 2008 to the date of this announcement.
Microgen announced its final results for the year ending 31 December 2007 on 21
February 2008.
The Group's financial results for the three months ended 31 March 2008 are in
line with the Board's expectations. There have been no significant changes in
the trading or financial position of Microgen and its balance sheet remains
strong. Microgen closed the quarter with £20.1 million of cash (31 December
2007: £18.1 million) and net funds of £16.0 million (31 December 2007: £13.8
million).
Rationalisation of the Group's property portfolio has now been completed.
Settlements have been agreed with the landlords of two properties, resulting in
Microgen now utilising all its properties for operational purposes.
Additionally, in June 2008 Microgen expects to complete the disposal of its
London long-leasehold property for £2.05 million and to occupy its new London
facility located at 17 St Helen's Place.
Since 31 March 2008 Microgen has acquired 3,670,686 shares in Scisys plc at an
average price of 32.6p, equivalent to 12.89% of the issued share capital and a
total consideration of £1.2 million. The background to this shareholding has
been explained in recent announcements.
Although markets remain unpredictable, Microgen has had a good start to the year
and the Board's outlook for the year remains positive.
Contacts
Martyn Ratcliffe, Chairman 01252-772300
David Sherriff, Chief Operating Officer
Philip Wood, Group Finance Director
Giles Sanderson, Financial Dynamics 020-7831-3113
Haya Chelhot, Financial Dynamics
This information is provided by RNS
The company news service from the London Stock Exchange
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