Sondex PLC
12 March 2004
Sondex plc
('Sondex' or the 'Company')
Pre Close Statement
Sondex, the oilfield technology company, today provides an update prior to
entering into the close period for the Company's results for the year ended 29
February 2004.
Revenues and profits, despite adverse currency fluctuations, for the year ended
29 February 2004 are anticipated to be in line with market expectations. Strong
margins have been maintained, and the Company will benefit from its currency
hedging which will result in pro-forma earnings being above expectations; the
results demonstrate an underlying increase in growth beyond the Company's
historic rates of 20-25%.
Current activity levels and order book remain strong, underpinned by the
industry focus on using technology to prove reserves and extract the maximum
remaining hydrocarbons from known oil and gas fields.
Sondex is also pleased to announce that it has continued to develop its
international expansion strategy and opened a further overseas office in
Beijing, China. The new office will provide sales and customer support in that
region, where the Company has recently gained a number of major new customers
and orders. This follows the recent opening of the Company's Middle East office
in October and the acquisition of Computer Sonics Systems in Canada, which has
been integrated successfully and is already demonstrating good returns from the
investment.
Sondex remains firmly focused on providing leading edge technology to maximise
reserves recovery from existing oil and gas fields. The Company is also, in line
with its stated strategy, actively pursuing a number of potential acquisitions
of companies which have parallel and complementary product lines.
Martin Perry, Chief Executive, commented:
"I am delighted that Sondex continues to demonstrate its ability to take
advantage of the Oil and Gas industry's need for technology, resulting in our
ongoing financial, regional and product portfolio growth."
12 March 2004
For further information, please contact:
Sondex Tel: 0118 932 6755
Martin Perry (Chief Executive)
College Hill Tel: 020 7457 2020
James Henderson
Nick Elwes
This information is provided by RNS
The company news service from the London Stock Exchange DFFFXLEFE
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