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Trading and Board Update

Monday, 17 September 2012 20:00
Norcon plc has recently undertaken a forecasting exercise for the second half of the current
financial year and announces that revenue for the year ending 31 December 2012 is likely to be
slightly below expectations and profit before tax is likely to be well below the Board's initial
expectations.
 
This is the a result of margin pressure in the Company's operations that is now expected to
continue in to the second half of the year. This margin pressure relates chiefly to the Middle East
operations where the company was undergoing a transition from the closing out of old to new
projects and delays in the commencement of new projects outside the Middle East. However,
positive signs have already commenced in terms of new contract awards in North America and
Asia.
 
The Company has continued to invest in its subsidiaries, investing in geographies where it sees
good growth potential over the medium and long term, and hiring skilled and experienced staff
who it believes can help Norcon to take advantage of that potential. The Board remains confident
that the results of this investment will begin to be seen in 2013 and benefit the future years.
The Company also announces today that Norcon CEO Mr. Arnold Rørholt is on sick leave for an
indefinite period. Mr. Steve Preston, the CEO of the subsidiary Norconsult Telematics, will serve
as Acting CEO of Norcon plc during the period, effective immediately.
 
The Company’s interim results will be released on 20 September.
 
Contacts:
 
Norcon plc
Steve Preston, Acting Chief Executive Officer +971 50 81 13 467
Marne Martin, Chief Financial Officer +44 (0) 7813 92 09 74
 
FTI Consulting
Matt Dixon / Tracey Bowditch +44 (0) 20 7831 3113
 
finnCap
Charlotte Stranner / Stuart Andrews (Corporate Finance) +44 (0) 20 7220 0500
Tom Jenkins (Corporate Broking)