AGM and Interim Management Statement
15 May 2012
DRS Data & Research Services plc (“DRS”), a leading provider of data capture solutions and products together with specialised printing and scanning services for education, governmental and commercial organisations, will hold its Annual General Meeting today at 3.00pm, where the following comments will be made on current trading, the financial position and the outlook for the current financial year. This Interim Management Statement, as required by the UK Listing Authority’s Disclosure and Transparency Rules, covers the period from 1 January 2012 to the date of this announcement.
Sir David Brown, Chairman of DRS, will comment:
“2012 April year to date revenue is up 10% compared to the same period last year and is consistent with the outlook provided in the annual report in March. The increase has been generated from international sales, which have benefitted from starting work on the Zimbabwe census. Total education revenue has continued to grow at a rate of 3% per year.
The 2012 London Mayor and Assembly elections were completed successfully.Software development and testing was more extensive than anticipated, which will be reflected in a minimal profit. This e-counting software provides a highly robust and proven platform that can be tailored for use in future elections.
The continued focus on controlling costs and cash flow has maintained a strong cash position with net cash up 15% on the same period last year.
The on-going process of promoting e Marker® internationally is resulting in increased interest from potential overseas customers who intend to proceed with pilot projects. The profit from the 2012 Mayor and Assembly elections contract is below management expectations. Trading remains very competitive but the Group continues to make progress.”