Update on Trading & IFRS
Sondex PLC
31 August 2005
Wednesday 31st August 2005
Sondex plc
("Sondex" or the "Company")
Notification of Results and Trading Update
Sondex, the oilfield technology company, today provides a trading update and
information relating to the announcement of interim results under IFRS.
Trading Update
Trading at Sondex remains strong and a full six months ownership of Geolink will
further help to deliver a healthy year on year increase in interim revenues for
the Group.
Order intake continues to increase and is presently running ahead of deliveries,
indicating a continuing strengthening of the market. The current order book
stands at an all time high. As is normal for Sondex, investment in expansion,
manufacturing capacity and R&D is being made throughout the year, whilst the
majority of revenues and hence earnings will be generated in the second half.
Foreign Exchange instruments continue to protect against a possible weakening in
the dollar, though conversely no benefit is expected from the recent
strengthening.
The Drilling division has reported good continuing business, in particular from
Mexico and Russia, and is adding further sales resource in the Sondex Middle
East office. The Wireline division is benefiting directly from the limitations
in hydrocarbon supply which drives the need to optimise production from known
reservoirs.
Sondex continues to pursue opportunities to broaden its technology base and
enter new markets.
IFRS and the Interim results for the six months ending 31 August 2005
Sondex also announces that it intends to take advantage of the 30 day extension
allowed by the FSA in respect of the reporting deadline for the 31 August 2005
interim results. This will allow time for the additional work necessary to
prepare the first set of results to be published under International Financial
Reporting Standards. Consequently, the interim results will this year be
announced in December, rather than November. Prior to the publication of the
interim results, the Company will additionally publish a separate document
reconciling existing key financial statements from their current presentation
under UK GAAP to compliance with IFRS.
Martin Perry, Chief Executive of Sondex, said:
"Trading at Sondex remains strong. The actions we have taken to increase our
manufacturing capacity will enable us to meet the further demands of a
strengthening order book in the second half, and we continue to pursue
opportunities to broaden the technology base and enter new markets."
For further information, please contact:
Sondex Tel: 0118 932 6755
Martin Perry (Chief Executive)
Chris Wilks (Finance Director)
College Hill Tel: 020 7457 2020
Ben Brewerton / Nick Elwes
Notes to Editors
Sondex plc designs, manufactures and markets electro-mechanical based equipment
for optimising oil and gas recovery. Sondex equipment is used by all the leading
operators and service companies in the world, and has established an excellent
reputation for quality and reliability.
Sondex's main product lines are instruments which gather data during the
drilling and production phases in established reservoirs, assisting in more
efficient oil and gas recovery, cost-effective reservoir management, and
maintenance of well integrity.
This information is provided by RNS
The company news service from the London Stock Exchange
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