vasey
- 20 Apr 2004 13:03
I know others have interest in this stock and I thought it might be helpful to post up today's announcement.
MILLBROOK SCIENTIFIC INSTRUMENTS PLC
TRADING UPDATE, PROSPECTIVE ACQUISITION & PROPOSED MOVE TO AIM
Millbrook Scientific Instruments is pleased to announce that trading has been
strong in the second half of 2003-4. Total sales for the year were GBP880,000,
representing an increase of 75% over sales of GBP504,000 in the previous
12-month period. Over the last three years, first as Millbrook Instruments
Limited and now as Millbrook Scientific Instruments PLC, the company has
achieved sales growth averaging 88% per year.
The Group will announce its final audited results for the year ending 31st
March 2004 in the first week of June.
Sales in the second half of the year at GBP522k represented a 46% increase over
first half sales of GBP358k. Furthermore sales in the fourth quarter were
GBP378k, more than double any previous quarter. At the level of sales
achieved in the fourth quarter, the Group is now achieving significant
profitability at the EBITDA level. Looking ahead, based on the volume and
seriousness of sales enquiries, the Directors believe that the level of likely
future demand for the Group's products is set to remain high for the coming
year.
In a City presentation to the broking and investment community on 11 February
2004 the Company announced its intention to seek an AIM listing and to continue
its growth by acquisition. A target acquisition has now been identified and
agreement in principle reached with the vendors. The target company is, like
Millbrook, in the nano-metrology surface science instrumentation sector. Its
turnover is around GBP850k per annum and it is profitable. The synergies with
Millbrook are considerable. Both companies are selling to similar industrial
and academic customers, and the global strengths of the companies are
complementary. Millbrook is currently conducting final due diligence on the
target which will be completed within a few weeks.
Millbrook will be seeking to complete a share placing with a small number of
investors in order to make this acquisition without undue short-term strain
being placed on the Company's balance sheet and also to provide funds for the
costs associated with an AIM listing. It is Millbrook's intention to proceed
to an AIM listing promptly thereafter.
THE DIRECTORS OF THE ISSUER ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS
ANNOUNCEMENT.
Enquiries to:
Dr Peter Stefanini Tel: 01254 699606
Executive Chairman
Millbrook Scientific Instruments
Details of their history, RNS library etc can be found on www.ofex.com
goldfinger
- 24 Apr 2004 00:53
- 9 of 9
Please stick to Millbrook on this thread thirdeye and pay up the going rate for advertising.