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Remote Monitored Systems takes swift remedial action after slow start to 2019 for Geocurve

Things are going better at the GyroMetric subsidiary, where the recent recruitment of a technical sales director has led to a number of promising opportunities in new sectors where lead times are typically shorter

Southend pier
Geocurve has had to dedicate more resources than expected to the Environment Agency's Thames Estuary Asset Management 2100

Survey, inspection and monitoring company Remote Monitored Systems PLC (LON:RMS) is implementing cost-saving measures to offset a slow start to 2019 by its Geocurve business.

Geocurve, which provides survey and inspection services to a range of major blue-chip companies and government agencies, has been a bit slow out of the traps this year, largely as a result of the need to dedicate more resources than expected to the Environment Agency's Thames Estuary Asset Management 2100 (TEAM2100) programme.

READ: Remote Monitored Systems raises £350,00 in placing to support growth and reduce debt

On the plus side, a number of contracts with new clients have been won that should begin to contribute to sales in the second quarter.

Gary Nel, the managing director and founder of Geocurve, has announced his resignation and will leave the company at the end of the month; a process to identify his successor has been kicked off.

The company's GyroMetric business, which has technology that digitally assesses rotating shafts, has been invited to present at a special event organised in Berlin by the British Foreign Office, entitled "UK Offshore Wind Innovation (Squaring the Circle)".

The event will serve as an aperitif to the annual conference of German offshore wind farm operators, which will take place on 9-10 April. Later the same week GyroMetric will be presenting new developments in marine drive monitoring to GyroMetric's long term marine agent in Germany.

"Swift action has been taken to address the issues arising at Geocurve and we look forward to renewed growth in sales to new clients. We remain excited by the opportunities at GyroMetric, both in the wind industry and in new sectors. The board continues to seek further opportunities to enhance shareholder value," said Trevor Brown, the chief executive officer of Remote Monitored Systems.

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Remote Monitored Systems focused on profitability for Geocurve in 2019

Remote Monitored Systems PLC's (LON:RMS) Nigel Burton recaps on the firm's 2018 results with Proactive London's Andrew Scott. Burton says despite a slower than expected start to 2019, Geocurve's implemented cost saving measures with the intention of becoming self-financing this year.

on 26/6/19

2 min read