Company update

RNS Number : 8206Y

Coms PLC

28 February 2013

 



Coms plc

("Coms" or the "Company")

Company Update

28 February 2013:  The Company confirms the completion of several initiatives following the appointment of Dave Breith as CEO on 9 January 2013.

·    An overall restructuring of the Board of Directors and the Company's Operational Management team has been completed in order to accommodate a broadening of the Company's product portfolio and the introduction of a more defined sales and marketing strategy.

·    An initial strategic review has been undertaken to identify potential acquisition targets, which if successfully implemented and integrated could significantly accelerate the development of the business in the next 12 months.  Shareholder Resolutions were passed at the recent General Meeting to support this initiative.

·    Key appointments have been made with Grant Thornton as the Company's Nominated Adviser, Iain Ross as an independent non-executive director, Tim Loveday as indirect Sales Director, Blabbermouth Marketing for trade press as well as 3 other members of staff to support the Company's more focussed direction.

Dave Breith, CEO commented:

"The first stage of my plans has been implemented and the cost base is now under control. I recognise that we will need to strengthen and incentivise the management team and bring in new skills but I only intend to do this in a manner which is sustainable and consistent with our growth plans.  

Whilst the sales for the last year for the underlying business will show modest growth over previous years, we are aiming to at least double the Coms group's annualised sales revenue in the next 12 months through both organic growth and acquisitions. Through the implementation of a defined strategy including specific acquisitions we intend to rapidly build this into a sustainable and profitable business. I remain very excited about the opportunity and the value we hope to create for our shareholders."

Contact:

Coms plc

David Breith (CEO)                                                                  [phone]

Grant Thornton UK LLP (Nominated Adviser)

Colin Aaronson / Jen Clarke                                                    [phone]

XCAP Securities plc (Broker)

John Belliss                                                                             [phone]

Newgate Threadneedle (PR)

Graham Herring                                                                      [phone]

 

END

 

 

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