Business
Interim Results
Interim Results.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n Flomerics Group PLC\n19 September 2007\n\n Flomerics Group plc\n\n (\"Flomerics\" or \"the Company\") (AIM: FLO)\n\nHalf Year Highlights\n\nFlomerics Group plc, the global supplier of simulation software to the\nengineering and electronics industries, today announces its results for the six\nmonths ended 30 June 2007\n\n • Turnover grew 23% to £7.0 million (2006: £5.7 million)\n • Turnover grew by 11% at constant exchange rates excluding the contribution\n from NIKA products\n • Adjusted loss before tax of £545,000 (2006: profit of £240,000)*\n • European turnover grew by 26% and turnover in Asia grew by 35% (without\n NIKA contribution and at constant rates)\n • Good progress with the Engineering Fluid Dynamics (EFD) product range in\n markets where it is was introduced earlier; 85% increase in number of new\n seats installed\n • New EFD customers include ZF, Mitsubishi, Panasonic and Schlumberger\n • Cash balance of £1.6 million (2006: £4.0 million) with £1.7 million\n expended on acquisitions since June 2006 and positive operating cash flow in\n the period.\n\n\nCommenting on the results, David Mann, Chairman of Flomerics plc, said: \"We are\nconfident that the acquisition of NIKA will prove to be a very good strategic\ndevelopment for Flomerics, as it has broadened and enhanced our range of\nworld-leading products. Forecasting for the EFD product line in new territories\nremains difficult and we have scaled back our expectations for the short term.\nHowever we are confident that investments in the EFD sales channels will bring\nsignificant benefits in 2008.\"\n\n* Adjusted loss / profit is before amortisation of intangibles, capitalisation\nof development costs and share based payments.\n\n\n\n www.flomerics.com\nFlomerics Group +44 20 8487 3000\nGary Carter, Chief Executive\nChris Ogle, Finance Director & Company Secretary\n\nConduit PR +44 20 7429 6604\nChristian Taylor-Wilkinson, Charlie Geller +44 7970 067320\n\nOriel Securities Limited +44 20 7710 7600\nAndrew Edwards\n\n\n\n\nChairman's Statement\n\nOverview\n\nIn the first six months of the year, the Company has continued to grow the\nbusiness from its established products (i.e. those products that predated the\nacquisition of NIKA). Good progress has been made following the integration of\nNIKA and we have seen strong sales in the regions ...