Pursuit Dynamics 1st Half Loss Widens To GBP7.8 Million, Accelerates Review

Date : 05/24/2012 @ 3:58AM
Source : Dow Jones News
Stock : Procter & Gamble Company (The) (PG)
Quote : 88.25  -3.34 (-3.65%) @ 6:33PM

Pursuit Dynamics 1st Half Loss Widens To GBP7.8 Million, Accelerates Review

Pursuit Dynamic (LSE:PDX)
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Pursuit Dynamics PLC (PDX.LN), the developer of PDX Atomiser and PDX Reactor products and technology, reported a slightly widened pretax loss for the first half of the year, and said that it has accelerated its strategic review of the business in the light of Procter & Gamble's (PG) decision of not entering into licensing talks with the company.

MAIN FACTS:

-Revenue for the six months to March 31 GBP483,771 (2011: GBP104,700).

-Pretax loss GBP7.8 million (2011: loss GBP7.2 million).

-Diluted loss per share 10.21 pence (2011: 10.21 pence).

-Cash and cash equivalents GBP9.1 million (2011: GBP4.3 million).

-Full year revenue will be materially below the company's earlier views primarily due to Procter & Gamble's decision.

-Accelerated a strategic review of the business to allow an update to be provided by the end of June.

-Review is examining all options to accelerate the existing lines of business, addressing immediate internal cost saving opportunities and proactively explore external solutions.

-Shares at 0727 GMT up 3 pence, or 30%, at 13 pence.

-By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, tapan.panchal@dowjones.com

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