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Norcon Plc
Full Norcon Plc profile hereProviding project management and outsourcing services for operators of telecommunications networks including fixed line and mobile telephone systems and data networks, assisting them with the installation, operation or optimisation of telecommunications systems and to countries seeking advice on regulatory matters, defence systems, equipment and command and control facilities.
Norcon sees 2009 results in line with market expectations, very upbeat for 2010
Norcon PLC (AIM: NCON), a specialist in project management and outsourcing in the telecommunications, defence and IT sectors, said that revenue for the year ended 31 December 2009 has developed very positively, with growth estimated to be at least 12 percent compared to the full year 2008.
In a pre-close trading update ahead of reporting results in March 2010, the company said revenue and RBITDA for the year are expected to meet analyst expectations.
Chief Executive Arnold Rørholt commented: "We are delighted with our 2009 performance and are very positive about our prospects for 2010. The current economic circumstances have underlined to our clients the value of having an effective, efficient and proactive project management and outsourcing partner.”
In late October, Norcon announced signing a two year contract extension with the UAE Armed Forces. The agreement extended a contract signed in 2006 and sees Norcon manage the procurement and implementation of the UAE Armed Forces' Joint Command and Control system, a complex IT system which manages all of the UAE's defence assets.
Additionally, Norcon continued to renew its contracts with its current telecom clients in territories such as Indonesia, Saudi Arabia, Kuwait and Qatar. Business development efforts continue in South Africa, India and select other locations.
The company is pursuing additional project management opportunities in the defence sector where project spending is accelerating in the Gulf region. With its 30 years of experience in this area, it believes to be well positioned to capitalise on the substantial number of opportunities in this field. With typically long lead times, Norcon expects only a minor impact on revenues from this area in 2010, building into 2011.
It is also seeking profitable acquisition and joint venture opportunities. While retaining its focus on the Middle East and Southeast Asian markets, Norcon will continue to look at opportunities to further extend into the Asiatic and African regions and plans to pursue this strategy more aggressively in the second half of the year.
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