Trading Statement (7496Z)
20 January 2011 - 6:00PM
UK Regulatory
TIDMMST
RNS Number : 7496Z
Mid-States PLC
20 January 2011
MID-STATES PLC (the "Company")
Trading Update
Mid-States PLC, a leading environmental technology group, is
pleased to announce its trading update for the six months ended 31
December 2010.
During this period, the Company focussed on developing a network
of global distributors for its flagship air disinfection product,
'the AD', whilst also working to adapt the AD for a variety of
commercial uses. Developed from a concept identified by a British
Government research facility, the AD provides a unique solution for
disinfecting the air and surfaces of harmful bacteria and viruses.
Currently the Company is focussed on selling the AD to create clean
air in enclosed spaces for hospitals, care homes, offices, dental
surgeries and ambulances.
-- The six months to 31 December 2010 was a strong trading
period for the business, with :
o 1,525 ADs ordered, almost equal to the 1,564 ordered in the
whole of the previous financial
year;
o momentum building over the period with an increasing number of
orders received in Q2,
when 984 ADs were ordered versus 541 in Q1;
o turnover level with the previous period as revenue is
recognised when orders are
despatched, therefore a number of December orders will be
recorded in revenue in second
half of our financial year; and
o the financial position remaining robust with GBP2.4 million in
cash as at 31 December 2010.
-- The management have been focussed on India as a key market
due to its size and the Company is pleased to announce the
signature of an exclusive distribution agreement with ITS Mysore
and a further order for 300 ADs was received in December. As part
of this agreement, ITS Mysore is targeting to sell a minimum of
1,850 ADs in 2011.
-- The Company is also pleased to report good progress in Europe
and that an exclusive distribution agreement has been signed in
Spain with Oxidoc Exclusivas S.A. The agreement covers the
hospital, ambulance, care home, pharmacy, dentist, office and
veterinary sectors. As part of this agreement Oxidoc is targeting
to sell a minimum of 1,500 ADs by the end of 2011.
-- The management are also focussed on penetrating different
market segments across several countries in Europe, the Middle
East, the Far East and North Africa. As a result the Company is
working with several potential distributors and has received
initial orders from a number of countries.
-- The AD has the potential to be sold into a number of market
segments and the Company continues to develop variants of the AD,
including a miniature version specifically designed for the retail
market. As reported in December 2010 the Company has successfully
concluded the initial testing on a prototype device and filed a
patent in the UK.
Javier Segura, Managing Director of Mid-States PLC, commented:
"This achievement is very pleasing because we have again met our
internal sales target and it demonstrates sustainable growth as
this is the sixth consecutive quarter of growth in order intake. We
are very pleased with the distribution agreements in India and
Spain, and we remain focussed on expanding the pool of distributors
across multiple countries and segments."
For further information:
Mid-States PLC Tel: +44 (0) 20 7603 1515
Andrew Tonks, Finance Director
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7459 3600
Andrew Godber
Cardew Group Tel: +44 (0) 20 7930 0777
Tim Robertson / Catherine Maitland
Notes to editors:
In June 2010, the Company raised GBP3.8 million (net of
expenses) through a share placing, to support its strategy for
realising the commercial potential of its flagship Air Disinfection
product, known as 'the AD'.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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