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Name | Symbol | Market | Type |
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VanEck ETFs NV | EU:TMX | Euronext | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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1.41 | 1.56% | 91.51 | 88.00 | 95.00 | 91.51 | 88.50 | 89.77 | 1,027 | 16:40:00 |
RNS Number:3654K Telemetrix PLC 25 April 2003 25 April 2003 TELEMETRIX PLC AGM CHAIRMAN'S STATEMENT The following is the text of the Chairman's statement which will be given at the Company's Annual General Meeting to be held at 11:00am today: "Overall Group trading in the first quarter of 2003 has been in line with budget. Strong over performance by Zetex, the Group's analog semiconductor solution provider, has offset weaker than expected sales at Trend's broadband test division; Trend's enterprise network support division has traded in line with budget. Zetex' current year first quarter sales, denominated in both # sterling and US dollars, were sequentially ahead of the fourth quarter 2002 comparators, and management accounts show operating profit for the period ahead of that for the previous quarter. This is the sixth successive quarter in which Zetex has shown sequential quarter on quarter growth in sales. With a similar level of sales expected for the second quarter, the Board expects Zetex to achieve a much improved first half 2003 performance compared to the first half of last year. This expectation is supported by the rate of order intake in the first quarter of the year and by the order book at the start of the second quarter. A combination of forward sales of the anticipated unmatched US dollar inflow and of a strengthening US dollar through the first quarter minimised currency driven deviations from budgeted # sterling denominated sales and profits. The programme of forward sales of US dollars has been extended to the second and third quarters. To date the relative resilience of many of the end markets addressed by Zetex appears to have been sustained. The first calendar quarter has historically been the weakest in the year for Trend's broadband test division and, although this was anticipated in the budget, the actual sales for the period have been markedly lower than budget. The size of the sales shortfall, combined with the substantial gross margin on sales enjoyed by the division, has more than outweighed the benefits of the cost reduction exercise implemented at the end of last year and management accounts show a larger loss for the first quarter of 2003 than for the same period last year. It appears that more telco capex projects have been held back than anticipated, largely, it is believed, in response to weak corporate spend on data networks. Although Trend's test division has a substantial prospect bank, it must be assumed that, until there is firm evidence of capex budget releases by operators, sales for the rest of 2003 will bear the normal seasonal relationship to the lower than expected first quarter sales. On this basis the second quarter is expected to show an improvement on the first, but the division is unlikely to recover to budgeted levels for the half year. The division's performance for the first half of 2003 will also suffer in comparison to the first half of 2002 which benefited from a one off net credit of #0.7m related to the renegotiation of minimum purchase agreements with Agilent. As anticipated at the preliminary results announcement in February, first quarter sales of Trend's enterprise network support division have shown modest growth, whilst the operating margin has been reduced, as predicted, by the higher support fees payable to network equipment vendors. This pattern of trading is expected to continue through the second quarter. Overall, the Group's performance in the first half of 2003 is currently anticipated to be in line with expectations. Unless the test equipment market deteriorates from current levels or the spread of SARS materially impacts economic activity, particularly in the PRC and Hong Kong, the continuing recovery at Zetex and the steady performance of Trend's enterprise network support division give the Board confidence that further progress will be made by the Group in the second half of the year. The Group's cash position remains strong." -Ends- Enquiries: Tim Curtis or Bruce Rattray Chief Executive Finance Director Telemetrix PLC Telemetrix PLC Telephone: +44 (0) 20 7638 9571 on 25 April 2003 Thereafter: +44 (0) 1628 851144 Toby Mountford / Seb Hoyle Citigate Dewe Rogerson Telephone: +44 (0) 20 7638 9571 This information is provided by RNS The company news service from the London Stock Exchange END AGMMGGZDNDZGFZM
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