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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Centurion Ele | LSE:CUC | London | Ordinary Share | GB00B15DYP39 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.24 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5929S Centurion Electronics PLC 08 March 2007 8 March 2007 Centurion Electronics plc Trading Update The Board of Centurion wish to update shareholders on the developments within its business. Revenue Stream Whilst we expect to see a significant improvement in Centurion's performance during the year ending 30 September 2008, the Company's financial performance for the year 30 September 2007 will be affected by a number of external factors. Within our largest customer, Toyota Motor Europe, we are witnessing sales of our existing systems being significantly below our original internal forecasts due to the phased roll-out of current products and the subsequent introduction of new upgraded products. As a result in the year to 30 September 2007, it is unlikely that the Company will move into profitability. However, as announced on 6 February 2007, Centurion remains on target with the launch of the new Premium ICE system, which has been designed and developed by Centurion, exclusively for Toyota Motor Europe, which is being phased in during the last two months of the financial year ending 30 September 2007 and is expected to contribute to the Company's performance in the year ending 30 September 2008. Additional funding Agreement has been reached with one of the Company's principal shareholders, Ravensworth, to advance an additional #1 million to the company to cover the expected cash shortfall resulting from the reduced level of sales and to fund some of the expected growth from the new contracts. The advance is for a period of 5 months and will carry an interest rate of 7.5% after which, at the option of Ravensworth, it can be converted, into Centurion shares at the average mid market price over the next 5 months. In addition, a three year option will be granted to Ravensworth to subscribe for 2 million new shares at a price based on the average closing mid market price over the five business days following the release of this announcement. New Contracts The Directors are pleased to report positive developments elsewhere in the business. Centurion is in the process of finalising two new Global OEM contracts, which they expect to be able to announce in full next month. Strategy The Directors believe that the level of new business leads resulting from the decision to focus on the higher value OEM contracts has vindicated the decision taken in 2006 to move away from the lower value retail business and look forward to the time when current customer business returns to more historic levels and revenue starts to flow from the expected new contract wins. Enquiries Centurion Electronics plc +44 (0) 1707 386 602 Chris Rhodes Chief Executive JM Finn & Co. Ltd. +44 (0) 207 628 9688 Clive Carver Citigate Drewe Rogerson +44 (0) 121 455 8370 Fiona Tooley Katie Dale This information is provided by RNS The company news service from the London Stock Exchange END TSTFGGGFZRDGNZM
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