June 16, 2009
ANNUAL GENERAL MEETING STATEMENT
eg solutions plc (“eg” or “the Company”; LSE-AIM: EGS), the operations management software company, will be holding its Annual General Meeting at 10:30 am today. The non-executive Chairman, Rodney Baker-Bates will present the following statement:
“At the start of our current financial year, the Company’s pipeline of potential sales was stronger than at any time for the previous two years. I am pleased to report that this pipeline strength has continued. Despite the turbulence in the financial sector during 2008, it is evident that there is now more composure in our principal marketplace with a greater emphasis being placed on achieving improved operational efficiency.
“Although decision times within our customers remain longer than we would like, the Company has made solid progress in converting its sales pipeline prospects into firm orders. A number of new contracts have been announced in recent months including an order valued at a minimum of £1.6 million from one the largest bancassurance groups in the Nordic region. This reflects a continuing demand for ’spend to save’ IT products within our core financial services market both in the UK and overseas.
“This stream of new business underpins expectations for the current year with some 72% of anticipated revenues for the year to 31 January 2010 already contracted.
“We are pleased to report that cash flow has been positive during the opening months of the current year; net cash deposits as at 12 June 2009 were £0.6 million, up from £0.26 million at the last year-end.”
Ends
CONTACTS
eg solutions plc
Elizabeth Gooch, Chief Executive Officer
Tel + (0) 1785 715772
Bankside
Steve Liebmann, Simon Bloomfield or Andy Harris
Tel +(0) 207 367 8888
Brewin Dolphin Ltd (Nominated Adviser)
Mark Brady, Director Corporate Finance
Tel +44 (0) 845 213 4748
