Remote Monitored Systems eyes positive developments in coming months
Remote Monitored Systems PLC’s (LON:RMS) executive chairman Antony Legge said he is looking forward to “several positive developments in the coming months”.
Legge told investors the company made significant progress and has been transformed to refocus on businesses which provide good opportunities where it can apply its resources.
“To this end, the board has been largely reshaped as we continue our search for a new CEO and look to invest in our marketing capability,” he said in the company’s results statement for 2020.
“Building on the excellent work done to date, I am confident that we will be able to progress several positive developments in the coming months.”
As part of the reshaping activities the company also announced it has decided to return shares in Gyrometric Systems Limited to its founders, whilst a minority 15% shareholding will be retained. It comes as significant funds will be needed in order to seize opportunities.
RMS is to be renamed as Nanosynth Group PLC and going forward will comprise three subsidiaries – Pharm 2 Farm Ltd, Nanosynth Ltd, and Cloudveil.
The group reported £104,000 of revenue in 2020, up from £52,000 in 2019, and partly due to the GyroMetric impairment it reported an increased loss of £1.52mln.
It noted £990,000 of net cash which is used in continuing operations.