For immediate release: 29 October 2009, 7AM
FeONIC PLC
("FeONIC" or "the Company")
Trading Update
The Directors of FeONIC Plc (PLUS: FEO), the innovative UK audio technology
company, are pleased to provide Shareholders with a trading update for the six
months ended 31st July following its Interim Results issued on 30 April 2009
that covered the six month period ended 31st January 2009. The Company
anticipates issuing its Final Results on 21 December 2009.
During the period, FeONIC has continued to make significant advances both on
the distribution and the product development side of the business. Four
distribution agreements have already been announced this year covering the UK,
Norway and part of the Middle East. In addition, one of agreements in the UK
now sees FeONIC supporting a company that focuses on helping councils and other
official bodies to satisfy the current Disability legislation. .
In line with comments made in the Interim Report, the widening of the
distribution network has had a positive effect on the Company's sales. The
Directors anticipate sales to have increased by over 50 per cent meaning
operating losses are expected to have been reduced. It is therefore the
Company's intention to further widen its distribution network in the Middle
East as well as expand it to the CIS countries- an increase of 25 states.
On the Research and Development side, FeONIC continues to work on product
enhancements for the F-series and product accessories for the entire FeONIC
range. The highly innovative new Soundbug is currently in the final stages of
development- the first prototypes have been well received during the market
research exercise. The new Soundbug is due to be introduced at the Consumer
Electronics Show in January 2010 with the expectation that volume sales will
start in April 2010.
FeONIC's associated company, FeONIC Transport Limited has likewise made
significant headway in the transport sector in the period. Trials are in place
in the UK, Spain, Switzerland, Japan and Hong Kong for activating platform
doors on tube stations. The activating platform doors are to be used for
issuing crowd control and other passenger information. The Company anticipates
to provide further information on these trials by the end of the year.
The Company has also continued strengthening its ties with the South East Asia
region through its associated company, FeONIC SEA., which has won its first
government contract in Singapore replacing a competitive audio system with
FeONIC devices. FeONIC SEA is beginning to make headway in Malaysia and
Thailand and expects to reach its sales target by the end of the year.
Brenda Hopkins, Chairman of FeONIC, commented:
"2009 has been the continuation of an exciting time for FeONIC. Not only have
we dramatically improved the overall conversion rate from enquiry to sale, thus
increasing total sales and decreasing losses, but we are also continuing to
build and further expand our specialised worldwide distribution network. This
will allow us to efficiently target major markets. On this basis, we are
continuing the product development both in the transport and consumer
electronic focussed sectors."
--ENDS--
About FeONIC
FeONIC Plc (PLUS: FEO) designs, develops, manufactures and distributes a range
of uniquely powerful audio products. The company's technology turns virtually
any resonant structures and surfaces into loudspeakers. The products are
currently used in public buildings, the transport industry and the marine
environment and are also available for home use. www.feonic.com
For further information:
FeONIC Plc
Brenda Hopkins
Chairman Tel: 01482 806688
Graham Beswick,
Finance & Commercial Director Tel: 0779 8937021
Gth media relations
Christian Pickel Tel: 020 7153 8036
Toby Hall Tel: 020 7153 8039
The directors of FeONIC Plc accept responsibility for this announcement.
END