Screen Technology reassures stock market and reverses share price fall
Screen Technology Group plc (SCT.L) halted the recent slide in its share price today when it issued a trading update confirming that trading remained in line with current market expectations and that its cash position remains strong.
The company listed on London's Alternative Investment Market on 1 August last year at 65p and rose to a peak of 70p shortly afterwards. Since then the share price has steadily declined to 40p at the beginning of this week. Then it shed 33% to hit an all time low of 26.5p, prompting the company to issue today's reassurance on trading. The share recovered 7p in early trading before settling back to a 5p gain to reach 34p by midday, valuing the Screen Technology at £11m.
Screen Technology designs and makes revolutionary high-resolution large-screen displays designed for high ambient light environments. Its technology uses moulded optical fibre tiles to produce seamless large displays using standard production LCD panels. The scaleable modular technology enables screen to be built in a wide variety of shapes and of theoretically unlimited size.
The statement said the company continues to see strong demand from the display industry for ITrans and, in the last month, it has received orders in excess of £0.5m to start shipping in the second half of the year.
To meet demand Screen Technology has recently moved into 20,000 sq ft of space in Cambridge and continues developing its production resources. A second low-volume production machine was recently delivered while the first high-speed production machine is on schedule for mid 2006 and a further higher-speed machine has been ordered for delivery in October 2006.
30th March, 2006
