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Remote Monitored Systems continues to review strategic options for Geocurve business

The firm is currently taking action to reduce costs at its surveying subsidiary

Remote Monitored Systems - Remote Monitored Systems continues to review strategic options for Geocurve business

Remote Monitored Systems PLC (LON:RMS) says it is continuing to review strategic options for its Geocurve subsidiary following a restructuring.

The AIM-listed group said that following headcount reductions and restructuring at Geocurve earlier in the year, the subsidiary had returned to profitability in the first half of the year.

READ: Remote Monitored Systems' GyroMetric subsidiary launches rotating machinery monitoring system

However, since then RMS said it had concluded that the investment required to grow Geocurve to critical mass is “not justified given the intense competition in the surveying sector” and that as a result, it had taken further action to reduce costs through a programme of additional redundancies.

RMG said it is currently reviewing strategic options for the Geocurve business and will provide further updates in due course.

"It is disappointing that we have not been able to grow the Geocurve business as previously expected, however the Board has taken decisive action to protect shareholder funds by reducing the costs and risks of Geocurve", said RMS executive director Trevor Brown.

Quick facts: Remote Monitored Systems

Price: 0.315 GBX

LSE:RMS
Market: LSE
Market Cap: £1.58 m
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