Flomerics Group PLC
09 January 2008
Flomerics Group plc
("Flomerics" or "the Group")
Trading Update 2007
Flomerics, the global supplier of simulation software, announces a trading
update for the year ended 31 December 2007.
The Group maintained its traditional pattern of trading with a much stronger
performance in the second half of the year. Group revenues will be broadly in
line with market expectations, but not sufficient to meet market expectations
for profit. Adjusted profit before tax* for the year is likely to be in excess
of £1 million following the loss of £545,000 in the six months to 30 June 2007.
The Nika range of EFD products has shown strong growth both in its existing
markets and in new markets and the Board sees good prospects for this growth to
continue. The Group's overall plans for 2008 have been reduced because EFD
sales will be building from a lower base at the start of the year. However, the
Board is confident that the 2008 results will show considerable improvement from
2007.
On 20 December 2007 the Group announced the disposal of its electromagnetics
line of business ('the EM Business'), effective from 1 January 2008, for £1.6
million. This will allow greater focus on its core business of fluid flow
simulation during 2008.
Cash balances have grown by over £1 million since 30 June 2007 to in excess of
£2.7 million as at 31 December 2007. This number excludes any proceeds from the
sale of the EM business, which will be received in two stages during 2008. The
Group expects to announce full year results for 2007 in April 2008. The Group's
results will be prepared under IFRS, however for the purposes of this statement
all numbers are before any IFRS adjustments.
* Adjusted profit/loss is before amortisation of intangibles, capitalization of
development costs and share based payments.
www.flomerics.com
Enquiries:
Flomerics Group +44 20 8487 3000
Gary Carter, Chief Executive
Keith Butcher, Finance Director
Conduit PR +44 20 7429 6604
Christian Taylor-Wilkinson, Charlie Geller +44 7970 067320
Oriel Securities Limited +44 20 7710 7600
Nominated Adviser
Andrew Edwards
This information is provided by RNS
The company news service from the London Stock Exchange
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