Interim Management Statement

RNS Number : 5770R

Microgen PLC

29 October 2013

 



microgen

www.microgen.com

29 October 2013

Interim Management Statement

Microgen plc ('Microgen' or 'Group') provides its Interim Management Statement covering the period from 1 July 2013 to the date of this announcement.  Microgen released its interim results for the six months ending 30 June 2013 on 22 July 2013.

There have been no significant changes since 1 July 2013 in the financial position of Microgen and its balance sheet remains strong.  Following payment of the interim dividend of £0.9 million in August, the Group had net cash at 30 September 2013 of £26.8 million (30 June 2013 : £26.8 million).

Both the Financial Systems Division ("FSD") and the Microgen Aptitude Solutions Division ("MASD") continue to perform satisfactorily and in line with the Board's current expectations.

On 13 May, the Board announced that it would be undertaking a strategic review of each operating division and the Group. The outcome of the review has been released today in a separate announcement, including :

·     A proposed tender offer for up to £10 million;

·     Improved return on capital from the FSD through a ring-fenced leveraged capital structure;

·     Significant investment in the MASD to pursue the Big Data market opportunity;

·     Proposed changes to long term incentive schemes; and

·     An acquisition strategy to increase the scale of the Group.

Contacts

Martyn Ratcliffe, Chairman                                                        020-7496-8100

Philip Wood, Group Finance Director

James Melville-Ross, FTI Consulting                                          020-7831-3113

Lucy Delaney, FTI Consulting

Rowena Murray, Investec Bank Plc                                           020-7597 5970

Andrew Pinder, Investec Bank Plc

 

END

 

 

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