AGM Statement
26 Septiembre 2003 - 11:31AM
UK Regulatory
RNS Number:2553Q
Energy Technique PLC
26 September 2003
AGM trading update
Energy Technique plc announces that at the Company's AGM today, all resolutions
were duly passed.
Following the AGM, Chairman issued the following trading update:
In my statement set out in the 2003 Annual Report and Accounts, I explained that
the Group's results in the final quarter of the year ended 31 March 2003 and the
first quarter of the current financial year had been adversely impacted by the
sharp slowdown in business affecting the whole property and construction sector
at the time of the Iraq war. The Group responded rapidly to this unexpected
downturn with a redundancy programme to reduce the cost base, and by increasing
its marketing efforts.
I am pleased to report that during the second quarter of the current financial
year, both ET Environmental and Diffusion Refrigeration and Distribution have
experienced a sharp improvement in order intakes as business conditions have
started to improve. Importantly, Diffusion Refrigeration and Distribution, our
newly formed distributor of packaged air conditioning equipment, moved into
profit during July and August as a result of strong sales during the hot summer
months.
However, the improvement in order intakes in the second quarter of the current
financial year came too late to fully offset the combined impact of poor trading
and exceptional redundancy costs in the first quarter, as well as the on-going
development costs of the new UVGI unit. As a consequence, the Group incurred a
loss in the 5 months to 31 August 2003.
The development of the second-generation model of Nightingale, our award winning
UVGI air filtration unit is now virtually complete, but we are unlikely to be in
a position to announce sales until the unit has successfully completed clinical
field trials and accreditations. This process is proving far more protracted
than anticipated. In the UK the accreditation test of the production model will
be undertaken shortly and subsequently the unit is expected to commence clinical
field trials at an NHS hospital. A confirmed date is still awaited for
laboratory testing in the USA to gain accreditation for the USA market. In
addition, discussions are continuing with a number of parties who are interested
in licensing the UVGI product in their respective markets and countries.
Graham Mackenzie
Chairman
This information is provided by RNS
The company news service from the London Stock Exchange
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