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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Formjet (See LSE:TQC) | LSE:FMJ | London | Ordinary Share | ORD 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.715 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7825P Formjet PLC 05 August 2005 For immediate release: 5 August 2005 Formjet plc ("Formjet" or "the Company" or "the Group") Trading Statement Turnover for the first six months of current financial year, whilst up 25% on the previous year, is below expectations and it is expected that the result for the first half will be a pre tax loss. This is largely due to sales forecasts not being met in the second quarter and a product launch and exhibition costs incurred late into the period. Significant revenue growth for the second half is still expected and it is anticipated that full year sales will still show growth of 75% over the prior year to circa #4.5 million. The significant shortfall on retail trade in Panda Software, particularly in June and July indicate that Panda will materially undershoot its sales budget for the year and this could result in the Company trading at no better than break even in the second period. Other divisions are making steady progress in particular Software Dialog and Ability. Ability Software has now signed up 13 International Country Partners with the majority launching the product range in next few months it has also impressive distribution partners in the UK. A number of credible performances will unfortunately be overshadowed by the headline figures however it is very encouraging that gross margins have been maintained throughout the Group and continue to be robust at 64% and sales, whilst falling short of budget, have increased significantly over last year. The addition of our recent acquisition South Coast Distribution will accelerate that sales growth albeit at lower margins. A detailed and extensive review of the Company's operations has been undertaken and will result in a change in operating structures and resource allocation, with five focused divisions distributing all of the group's products and services. Those divisions are Corporate, Retail, Online, OEM and International sales. All the divisions will be located in the Group's new offices in Crawley, online sales remaining in Cambridge together with Technical Services, Finance and Administration. It is against the background of sales growth and high margin that the board continues to believe that the business model is sound and offers considerable opportunity; and the recent acquisitions enhances that view. It is the management's intention to focus on establishing the brands currently in its portfolio, although it will consider additional acquisitions which are sufficiently attractive and profit enhancing. Enquiries: Lyndon Chapman Peter Wardle Chairman & Chief Executive, Formjet Plc Finance Director, Formjet Plc Tel: 01223 531175 or 07770 551262 Tel: 01223 531175 Paul Shackleton Simon Hudson/Clemmie Carr Daniel Stewart & Co. Tavistock Communications Tel: 020 7374 6789 Tel: 020 7920 3150 or 07966 477256 Notes to editors Formjet Plc is a UK-based company with a highly distinctive business model. It acquires territorial rights to 'alternative' software products, and markets, sells, distributes and supports these products in place of the vendor in worldwide markets. The strategy has at its heart the proposition that we can acquire product lines in territories of not less than a country without the expense of either product development or the creation of IPR. The Formjet Group currently has four product lines: Panda Software and Filestream are UK licences and Ability and Software Dialog are worldwide. Formjet reaches a customer base of more than 250,000 direct customers and in excess of 3,000 corporate clients. This market penetration has been achieved through careful research into relevant territories and then applying the most suitable routes to market, whether through distribution and/or reseller partners, or via direct sales. This information is provided by RNS The company news service from the London Stock Exchange END TSTUUUQARUPAGUA
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