METROELECTRIC PLC
("Metroelectric" or "the Company")
TRADING STATEMENT FOR THE PERIOD ENDED 31st MARCH 2012
Further to the Interim Results announcement made last month, the Company is pleased to publish a trading statement for the period 1st January 2012 up to 31st March 2012.
We continue to work closely with Eveport Ltd, with whom we have entered into a heads of terms agreement with in December 2011 for a UK license agreement. Eveport Ltd continues to provide management support whilst we finalise longer term plans.
On the 8th December 2011, we announced the receipt of a loan from Pictou Limited repayable in March. The restructuring has taken longer than anticipated and thus Pictou Limited has agreed to extend this loan for a further six months with interest payable of 12% for the period.
Furthermore, the steps we have taken to streamline operations, including the recent management changes, are continuing to improve the financial situation of the Company. Our fixed costs have reduced dramatically and with improved margins on Powabyke sales we are now better positioned financially.
Whilst we still have considerable work ahead of us, the Directors continue to be confident that the business will return to profitability.
The Directors of the Company accept responsibility for the announcement.
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Enquiries:
Metroelectric Plc
+44 078 3018 2501
Greg Collier
Rivington Street Corporate Finance Ltd
+44 20 7562 3373
Eran Zucker