PeerTV PLC Year End Trading Statement (0772V)
10 Dezembro 2013 - 5:00AM
UK Regulatory
TIDMPTV
RNS Number : 0772V
PeerTV PLC
10 December 2013
10(th) December 2013
PeerTV PLC
("PeerTV" or "the Company")
Year End Trading Statement
PeerTV (AIM:PTV), a provider of technology solutions for the OTT
(TV over the internet) market and PCB (printed circuit board)
production solutions, wishes to provide the market with a year end
statement of the Company's businesses.
As previously reported Digitek is showing solid acceptance by
new customers and steadily increasing sales volumes. During the
final quarter of the year sales have been running at approximately
NIS 1 million (about GBP180,000) per month, 150% higher than in the
same period in 2012.
At least three major new customers have come on stream in the
final quarter. As previously reported these include Strauss Water
whose products are marketed in the UK under the "Virgin Pure
improving life with Strauss Water" brand.
In addition, the Digitek facilities have undergone an audit by
one of Israel's leading military contractors. This is expected to
result in first orders in Q1 2014.
Digitek management is forecasting rising sales in 2014 and
believes that the company has the capacity to serve its existing
customers at a level of 1.5 million NIS per month, with a modest
level of capital investment.
The company can see a fairly clear path with its existing
customers to achieve a significant growth in monthly sales later in
2014. A more substantial capital investment will be required to
achieve this and the company will be seeking debt / equity and
supplier financing.
The activities of Digitek's new power engineering and design
department have been an important factor in attracting additional
customers. The department has developed an innovative solution
whereby the power source is now an integral part of the SMT board.
This feature provides customers with significant cost savings and
is not otherwise available in the market, giving Digitek an
important competitive advantage.
The Peer TV business has received encouraging feedback from its
major customer as customer testing of its Android based Set Top Box
progresses. However, confirmation of further orders is not expected
before January / February 2014.
The marketing of the PTV product is being refined with the focus
being on sales prospects which can take the product substantially
as designed. This is allowing a significant reduction in overhead
costs. Many of the leads generated earlier in the year demanded
considerable customisation, creating excessive pressure on PeerTV's
technical R&D resources.
The group balance sheet has been strengthened by the conversion
of about GBP420,000 of current liabilities and other debt into
equity. The board believes that this reduction of debt will make it
easier to raise the investment required to facilitate the growth of
both businesses.
Digitek is expected to be cash positive from operations in Q4
2013 and the Company overall is projecting to be cash positive from
operations by Q2 2014. However interest payments, the repayment of
legacy debts and new capital expenditure for expansion will
continue to require the Company to seek external financing in
2014.
Further enquiries:
PeerTV Plc
Eitan Yanuv, Chairman +972 974 07315
Libertas Capital Corporate Finance Ltd
Thilo Hoffmann/Sandy Jamieson +44 (0) 203 697 9499
This information is provided by RNS
The company news service from the London Stock Exchange
END
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