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Norcon to meet sales expectations

Last updated: 18:13 08 Feb 2013 AEDT, First published: 19:13 08 Feb 2013 AEDT

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Telecoms network specialist Norcon (LON:NCON) said sales will meet expectations this year, though losses will be marginally higher than expected.

Norcon warned earlier it had been affected by disruption to its important Middle East operations, which prompted it to reduce its sales guidance in September.

Today, the company confirmed revenues for the financial year just ended will be in line with the level indicated in September.

Norcon added it will not pay a dividend for 2012 as the directors intend to prioritise investment in new business lines.

Net cash at the end of December was US$4.2mln (US$7.1mln).

“The board continues to believe in the company's opportunity to secure profitable and sustainable growth by developing new markets and reducing the historical dependence on one major centre,” it added.

Formed in 1957, Norcon is a consultant and project manager to governments and some of the world's largest global firms.

 

 

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