Sondex PLC
17 March 2005
Sondex plc
("Sondex" or the "Company")
Pre-Close Update
Sondex, the oilfield technology company, today provides an update prior to
entering into close period for the company's results for the year ended 28
February 2005.
Trading Update
The last year has seen a generally strong global oil and gas services market.
Against this backdrop Sondex is pleased to confirm that, despite a weakening
dollar, it expects to report revenues in excess of £31million, up from
£17.5million last year together with sustained gross margins. These numbers
include a pleasing contribution from Geolink which was acquired in June 2004.
Increased investment has been made in research and development and in growing
the senior management team.
New Facility
Sondex has continued its programme of investing for further growth and can today
confirm the signing of a lease on an additional facility in Yateley, Hampshire,
close to the company's existing operations. The new building will house
Sondex's final product assembly, test and inspection operations and will
increase production capacity for the wireline business.
Technology Agreement
In line with its strategy of continuous investment in research and development,
Sondex has signed a new agreement with Beta Research & Development, which has
pioneered rechargeable high temperature battery technology. Sondex has
exclusive rights to this technology for the borehole and downhole sectors of the
oil, gas, water and geothermal industries. The Company believes that there is a
strong market for this technology, which will complement both its wireline and
Geolink product ranges.
Martin Perry, Chief Executive, commented:
" We are confident of delivering another solid set of results with strong
topline growth and a very good second half, despite the impact of the weakening
dollar during the period. Geolink, which we acquired in June, has made a good
contribution which along with increasing production capacity and further
investment in sales, marketing, research and development leaves us well placed
to exploit strong market conditions as we enter the new financial year."
17 March 2005
ENQUIRIES:
Sondex Tel: 0118 932 6755
Martin Perry (Chief Executive)
Chris Wilks (Finance Director)
College Hill Tel: 020 7457 2020
Nick Elwes
Ben Brewerton
This information is provided by RNS
The company news service from the London Stock Exchange
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