Business
Interim Results
Interim Results.
About this update from Softcat Plc
[{"type":"text","content":"\n RNS Number : 6229E Screen Technology Group plc 30 September 2008 \n \nScreen Technology Group plc\n(\"Screen Technology\" or the \"Company\")\n\nAnnouncement of Results for the six months to 30 June 2008\n\nThe Company announced on 23 May 2008 details of an important and essential financial restructuring culminating in the Placing and Open Offer which was completed on 17 June 2008, led by Scaent Holdings Cooperatie UA. Ongoing overhead expenditure in the business has been significantly reduced and the balance sheet position simplified and improved with resolution on a number of major liabilities together with the new investment. These measures have provided a stable financial platform from which the business can move forward.\n\nThe restructuring continues to take time to 'bed down', however good progress has been made on commercial and manufacturing fronts. The Company now operates with a lean staff and overhead structure and has relocated to lower cost premises in Cambridgeshire. Screen Technology's ITrans® product is a potentially significant play in world markets and reaction both from intended end users and our technology partners continues to be positive. It remains the case however that the \"out of home\" advertising market, in particular, is conservative when it comes to new technology and has been slow to adopt a novel offering from a young business, however these barriers to entry are gradually being overcome.\n\nIt is essential that good relations with strategic partners are maintained for the Company to be able to deliver an internationally scaleable business, while controlling costs through a small core operation. I am pleased to report that we have made good progress on this front. The key historical partnerships are recovering after the challenge of the restructuring and the Company has added two new relationships, both with Taiwan based companies. The first of these is a manufacturing agreement with Scandinavian Health Limited (\"SHL\"), a large and high quality supplier of mouldings and assemblies, principally to the pharmaceutical and other technical markets. SHL have already successfully installed a low speed tile assembly machine and we plan to commission the firs...