MTRK Marinetrack

    RNS Number : 0935L
  Marinetrack Holdings PLC
  05 January 2009
   






    05 January 2009

    MarineTrack Holdings Plc ("MarineTrack" or the "Company")

    Trading update

    Following a good start to the second half of 2008, MarineTrack's sales since the summer have been affected by worldwide economic
downturn which has affected the Company's commercial customers and particularly its traditional leisure market. As a result, the Company has
switched its sales focus in the short term to the major one-off opportunity represented by the December 2008 deadline for commercial
shipping fleets to gain compliance with new international rules on LRIT (Long Range Identification Tracking).  

    This potential market runs to many thousands of vessels, but delivers only one-off revenue from hardware sales, as airtime contracts are
supported by the Flag Administrations. The opportunity extends into the second quarter of 2009, after which time the Company will resume its
primary focus on its traditional commercial and recreational maritime business.  

    The Company remains very active seeking to develop business in the arena of major projects, such as with international fishing fleets,
though it is in the nature of these projects that progress towards signing and implementing contracts to be fairly slow. However, as the
potential volumes from such projects are so large they will continue to remain an important part of our sales drive. The Company also plans
to introduce a wider variety of products and services to satisfy future leisure market demands.

    The Company is also actively investigating and carefully examining a number of M&A opportunities that could bring together complementary
products and services within an enlarged group.

    Whilst the directors remain optimistic about the long-term prospects for MarineTrack the future of the business in the short term is
dependent upon either the success of the LRIT initiative, or the commencement of one of the longer term projects, one of which is believed
to be imminent. The shortfall in sales order generation in H2 of 2008 means that operating break-even will not be achieved in Q1 2009, as
originally anticipated, although the commencement of the above mentioned project and a successful LRIT campaign would radically alter the
position. However management is fully focused on achieving that target as soon as possible thereafter.

    Enquiries:

    Duncan Lipscombe, Director
    MarineTrack Holdings Plc
    Tel: 07775 681648
    www.marinetrackholdingsplc.co.uk

    Philip Secrett / Colin Aaronson
    Grant Thornton UK LLP (Nominated Adviser)
    Tel: 020 7383 5100

    About the Company

    MarineTrack Holdings plc's primary operating business is MarineTrack Ltd. 

MarineTrack Ltd is a telematics business supplying tracking, alert, alarm, monitoring and messaging solutions mainly to the commercial and
recreational maritime markets. 

These solutions, which integrate hardware and software, utilise global positioning systems ("GPS") to identify the location and movements of
marine vessels, as well as monitoring their operational status against pre-determined parameters.



This information is provided by RNS
The company news service from the London Stock Exchange
 
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