Business
Q1 Trading Update
Q1 Trading Update.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n RNS Number : 2698V Flomerics Group PLC 27 May 2008 \n \n\nFlomerics Group plc\n27 May 2008\n\n\nFlomerics Group plc\n('Flomerics' or 'the Group')\n\nTrading Update Q1 2008\n\nFlomerics, the global supplier of simulation software, announces a trading update for the three month period to 31 March 2008.\n\nTrading has been strong in the first three months of this year.\n\n\n\nAdjusted Revenue* up approximately 42% to £3.65m (2007: £2.57m)\n\n\n\n\nAdjusted Profit** up approximately £1.1m to £0.34m (2007: £0.74m loss)\n\n\n\n\nCash balances up approximately £3.0m to £5.9m\n\n\n\nAdjusted Revenue for the first quarter was up approximately 42% at £3.65m, compared to £2.57m in the equivalent period of 2007.\n\nThis increase in Adjusted Revenue has resulted in Adjusted Profit** for the three months up £1.1m on the equivalent period in 2007, reflecting in part the results of the investment in sales and marketing in 2007.\n\nThe Group has previously tended to make a first half loss followed by a full year profit, as demonstrated in 2007. The Board, therefore, is particularly encouraged by an Adjusted Profit in the first quarter of this year of £342,000, in comparison to an Adjusted Loss of\n£740,000 made for the first quarter of 2007.\n\nThe Board has also been particularly encouraged by strong growth in the sales of the EFD product range, acquired from NIKA, in both its established and new markets \n\nCash balances have grown by approximately £3m since 31 December 2007 to £5.9m as at 31 March 2008. \n\nThe Board of Directors of Flomerics continues to believe Mentor Graphics' Offer materially undervalues Flomerics (\"the Company\") and is actively engaged in assessing other alternatives available to the Company, including potential interest expressed by a number of other parties, which are the subject of ongoing discussions. Shareholders are therefore strongly urged to ignore any documents or announcements that may be made or issued by Mentor Graphics or its adv...