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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cartucho | LSE:CTGP | London | Ordinary Share | GB00B0R2GC21 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2814I Cartucho Group Ltd 31 August 2006 Press Release 31 August 2006 Cartucho Group Limited ("Cartucho" or "the Company") Trading Update On 20 July 2006, Cartucho Group, a growing developer and manufacturer of ink refill kiosks, announced that it had installed 284 kiosks under its contract with its major customer in the US. As at 29 August 2006, the number of kiosks installed and generating revenues stood at 379 kiosks. The announcement on 20 July 2006 referred to the Company's decision taken jointly with its major customer to install 540 kiosks by mid-September 2006 and then reduce significantly the speed of the remainder of the roll out in order to enable the marketing effort and sales initiatives to gain greater traction. New initiatives that have been put in place, including more aggressive and dynamic pricing and in-store marketing are driving up refill rates. The average refill rates in mature markets, those installed for more than 10 weeks, has exceeded recent expectations and across the whole of the installed base total refills have increased by 66% in the six weeks ending 25 August 2006. The Directors expect to see positive trends continuing during the remainder of this year. As the number of kiosks in the field has risen, the demands on the Company's outsourced service and support organisation have risen in parallel, and the Company received notification from its major customer to suspend further installations, resumption of the roll out being contingent upon service and support performance meeting with its approval. Consequently, the Company has a major initiative underway with its outsourced service provider to upgrade the provision of service and support levels with immediate effect, with the goal that enhanced levels of service and support will facilitate the recommencement of the roll out in October 2006, subject to the approval of its major customer. The delay in the roll out is not expected to have a material impact on results this financial year, given the limited contribution from kiosks in an immature market. This shortfall is mitigated by higher than expected refill rates for established markets. The delay may have an impact on 2007 results depending upon the speed of transition of the remaining 171 kiosks to mature status through the end of 2006 and the start of 2007. Provided that the resumption of the roll out occurs in the above time frame, and given the better than expected refill rates of the established kiosks and the current trends observed in the transition from immature to mature market, the Directors do not expect the delay to have a material effect on the forecasts for the 2007 financial year. The improving refill rates are encouraging and the opportunity to upgrade all kiosks to the latest software and hardware configurations, with the added benefits of greater remote diagnostics and maintenance routines, should enable more kiosks to deliver higher refill rates and drive improvement to the overall averages. The Company's trials of 10 ink refill kiosks each in two major US chains in the drug store and mass grocery sectors on a revenue share basis are progressing well and the Company has also now signed a reseller agreement with a distributor covering more than 30 Caribbean and Latin American countries. - Ends - For further information: Cartucho Group Limited Mike Willcocks, Chief Executive Mikewillcocks@cartucho.com Media enquiries: Abchurch Chris Lane / Franziska Bohnke Tel: +44 (0) 20 7398 7700 franziska.boehnke@abchurch-group.com www.abchurch-group.com This information is provided by RNS The company news service from the London Stock Exchange END TSTAKDKPKBKKKFN
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