Update on Geocurve business

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)	[phone]
Nigel Burton (Non-Executive Chairman)	[phone]
SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker	[phone]
Stuart Gledhill
Jeff Keating
Caroline Rowe
Peterhouse Corporate Finance
Joint Broker	[phone]
Lucy Williams

 

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