Briefs: Cambridge Consultants join Health Alliance; Plasmon says sales 20% below expectations, but shares rebound
Cambridge Consultants has joined the Continua Health Alliance, a consortium of healthcare and technology companies collaborating to establish an eco-system of interoperable personal health systems that will empower people and organisations to better manage health and wellness.
As a member of Continua, Cambridge Consultants offers its Vena platform, a low cost single chip communication solution for health devices, with the capability to deliver both wired (USB) and wireless (Bluetooth) connectivity to health devices.
"Device interoperability is a key focus for the Alliance," said David Whitlinger, President and Chair of Continua Alliance's Board of Directors. "If we are to address the significant problems for healthcare provision around the world, we need to deliver technology that enables people to manage their own healthcare. Cambridge Consultants' Vena platform is a positive step in delivering that vision."
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Brady plc (BRY.L), supplier of trading and risk management solutions for metals and commodities, hired two senior executives for its North American operation, Rick Carey and Shabbir Gilani. Brady's continuing success within the commodities trading environment combined with an ambitious strategy for growth have necessitated the US appointments, the company said.
Rick Carey joins in the role of senior consultant reporting to Brian Colgan, Brady's head of services in North America. Carey has more than 19 years' experience in commodity, metals, concentrates and chemicals markets having held senior IT and project management positions. Prior to joining Brady Carey ran his own firm, 21st Century Computer Services Inc., providing project management, system development, implementation and support for global commodity and metals trading companies in the US.
Shabbir Gilani has been appointed sales manager, North America, and will report to Dan McEvoy, president, Brady USA, Inc. Gilani has experience selling enterprise technology software solutions to the financial services industry. In his most recent role as US sales manager at Misys Banking Systems, Gilani sold new ASP product offerings, Misys Treasury Plus, including treasury, cash management and risk management solutions including FAS 133 and IAS 39.
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Plasmon Plc, professional archival specialists, said in an interim management statement that sales performance in the 1Q 08/09 was disappointing, and approximately 20% below the Board's expectations.
Legacy and component products have fallen faster than expected and the sales cycle for new Archive Solutions was "proving longer than anticipated", the company said.
"This is reflected in the growth of the future sales pipeline whilst actual sales in recent months have been relatively weak. In particular, during the current market and financial uncertainty, customers have been deferring capital expenditure on solutions such as ours which, whilst essential to the medium-term storage infrastructure of many businesses, may not be essential in any given month or quarter."
Consequently, the Board reduced its overall sales expectations for the year and initiated a program of cost reduction and financial restructuring.
The Board continues to expect the Group will attain a positive adjusted EBITDA run rate in Q42009, but not a positive cash generation until FY2010.
"The Board remains confident that Plasmon has a compelling solution in a highly attractive market, and has the view that current economic conditions are delaying the 'inflexion point' of the Group's turnaround by 1-2 quarters.
"However, in light of this, the Group requires additional financing and the Board has engaged in a process to secure this within an appropriate timescale", it said.
Plasmon's share price slid when the news was released but on second day trading it rebounded by almost 14%. The Cambridge-based group is now valued at around £3m.
