Remote surveying and inspections services company Remote Monitored Systems PLC (LON: RMS) saw their share price dive during trading on Tuesday morning following their latest trading update.
The Company booked an increase in revenue, up to £857,970 for the year ended December 31st 2017, from £788,718 on-year. Contingently, earnings were up £800,000.
However, this was only enough to narrow their previous rate of loss rather than eradicate their loss altogether. As such, for the year through December, net losses amounted to £1.1 million, narrowing from £1.9 million on-year.
Elsewhere in the tech sector; Tekmar Group Plc (LON: TGP), Redcentric PLC (LON: RDN), Codemasters Group Holdings Limited (LON: CDM), Amino Technologies Plc (LON: AMO) and MTI Wireless Edge Limited (LON:MWE) provided trading updates.
Remote Monitored Systems comments
Regarding ‘outlook’, the company stated that, “The Group continues to make progress across all elements of its business.”
“Geocurve, having experienced a slower than expected start to 2019, has prioritised profitability over growth. Cost saving measures have been implemented with the intention of becoming self-financing in 2019, albeit with revenues expected to be lower than those in 2018.”
“GyroMetric, which will be conducting trials for two major wind turbine manufacturers in 2H 2019, has recently signed a contract for a technical cooperation with a major UK supplier to the energy and petrochemical industries and as a result of the recent successful recruitment of a Technical Sales Director, a number of promising opportunities in new sectors, where lead times are typically shorter, are already being pursued.”
“The Board is determined to deliver value to shareholders and continues to examine opportunities to grow both organically and through acquisition of complementary businesses and technologies which can enhance growth in shareholder value.”
The Company’s chairman, Nigel Burton, stated,
“2018 saw significant change for the Company, with the transition to a largely new Board and closure of the loss making training business all completed in January 2018. The business now comprises Geocurve, a leading provider of survey and inspection services, and the 58% interest in GyroMetric Systems, which provides digital monitoring and safeguarding systems for rotating shafts. During the year Geocurve grew significantly, with revenues up by 34%, whilst two investments were made in GyroMetric Systems. The name of the company was changed to reflect the new focus and direction of the business, with a new website launched in November.”
Following the update, Remote Monitoring Systems shares are currently trading 22.14% or 0.15p at 0.54p a share 25/06/19 13:45 GMT.