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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Optimisa | LSE:OPS | London | Ordinary Share | GB00B24HJF84 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 0249V Optimisa PLC 22 May 2008 Embargoed for release at 7.00 a.m. 22 May 2008 Optimisa plc ("Optimisa" or the "Company") Trading update In advance of the Company's annual general meeting to be held on Friday 23 May 2008, the Board of Optimisa provides the following trading update. Since the announcement of the preliminary results for the year ended 31 December 2007 on 9 April 2008, the Company has experienced extremely disappointing trading conditions. The Board of Optimisa consider that if the economic environment experienced over the last month continues, then results for the year ending 31 December 2008 will be significantly below market expectations. However, the Board still expect results to show an improvement on 2007 and the Company has sufficient cash resources to fulfil its business plan. In addition the Board continues to recommend the dividend of 3p per share for the full year ended December 2007 and will be voting in favour of this at the forthcoming AGM. Ron Littleboy, the Chairman of Optimisa states: "The seasonally low first quarter was below budget due in large part to a poor March. Given the timing of Easter and assurances from clients we believed that delays in final approval for major projects scheduled to start in March and April was only a timing issue and the shortfall could be recouped by the year end. However, consideration of the results for April, the slow business pipeline conversion rate at that time and a more challenging economic environment has resulted in a substantial downward revision in our revenue and profit projections following a thorough review of our budgets over the last week. All three of our major operating units, KAE, Quaestor and Buckingham Research, have been affected in the second quarter. This impact has been exacerbated by the temporary disruption to our new business development as a result of the reorganisation and integration of the EQ Companies acquired in October 2007. New Managing Director's were appointed at both Buckingham and Quaestor in February and March 2008 and a revitalised business development programme was commenced which is only now starting to bear fruit. We expect the new Managing Director joining KAE in June to have a positive impact on the second half of the year and KAE Asia, which opened for business at the beginning of the year, is expected to do better than originally planned. Nevertheless, it is now clear that the problems in the financial sector and the deteriorating outlook for the economies in North America and Western Europe have and will continue to adversely impact the level of spending on our services. The US market is already contracting and the UK is at best stable. Looking ahead over the next 18 months, and in consideration of the global trading environment and prognosis, we believe that our resources are best allocated to supporting organic growth rather than the originally envisaged mix of organic growth and acquisition. Against this background we have reduced our original revenue projections for the current year by over 15% and are now assuming only a modest improvement in 2009. Consequently, we have shelved our expansion plans with the exception of our move into Asia and have already begun a cost cutting programme to bring costs into line with our reduced revenue projections. Unfortunately, the speed and severity of the recent change in spending patterns will have a significant adverse impact on the Company's results for the six months to 30 June 2008. The EQ Companies, which are heavily dependant on UK projects, will not make a positive contribution after interest costs and KAE will be down compared to an excellent first half of 2007. Although trading has been and is expected to remain difficult in the US and UK, we are confident that our growing new business pipeline and focus on maintenance of proposal conversion rates will yield increasing returns and we expect that the group will show increasing progress in the second half of the year and in 2009. Enquiries: Optimisa plc +44 20 7960 3300 Ron Littleboy, Chairman +44 7789 691581 Simon Dannatt, Chief Executive +44 7973 746072 Noble & Company Limited +44 20 7763 2200 Optimisa's Nominated Adviser Nick Naylor Brian Stockbridge This information is provided by RNS The company news service from the London Stock Exchange END TSTEAXSFADLPEFE
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