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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 extends contract with UAE Armed Forces to implement defence IT system
Norcon PLC (AIM: NCON), a specialist in project management and outsourcing in the telecommunications, defence and IT sectors, said it has signed a two year contract extension with the UAE Armed Forces.
The agreement extends a contract signed in 2006 and will see 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 has 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.
CEO Arnold Rørholt commented: "This contract renewal in UAE is a significant contract for the company, ... adding to our long-term revenue visibility. We have identified substantial opportunities in this field as project spending continues to be very high in the Gulf regions and believe the Group's proven reputation in this area means we are well positioned to capitalise on some of these opportunities."
Norcon reported interim results in early September, saying said its long-term contracts and high levels of client retention meant it had good visibility for the rest of 2009. Revenue increased by 7 percent in the six months to June 2009 to US$37.4 million from a year earlier, while pretax profit came in at US$5.2 million, up from US$4.9 million previously.
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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