(WSI.L) Workplace Systems International PLC Buy/Sell

RNS Number : 0270Y Workplace Systems International PLC 26 August 2009

WorkPlace Systems International Plc ("WorkPlace or the Company")

AGM Statement

At the Annual General Meeting held this morning the Company gave the following trading update.

Following the disappointing market conditions of early 2009 which extended into the initial months of the current Financial Year, trading improved significantly during the summer months. This gives the Board confidence for the Full Year figures providing this trend continues.

Recent orders indicate that the backlog of projects for Workforce Management Solutions, which built up during the previous nine months, has started to release. New orders from existing customers in the UK and Europe have been received together with a number of new name contracts.

The WorkPlace Software-as-a-Service solution, Workplace On-Line, continues to pilot in a number of Leisure and Security organisations and several multi-location Retailers have signed initial orders.

In the US, the Board is pleased to announce that the WorkPlace business will break even during the First-Half following several years of losses.

In addition to new software implementations and existing US customers continuing to roll out their WorkPlace solutions within the North American market, the Company has licensed its Labour Standards methodology and tool kit to Knightsbridge Human Resources under an exclusive reseller and distribution agreement. This enables WorkPlace to expand its software solutions business in North America under the global Workplace brand and to manage separately the independent consultancy business through a new distribution and reseller network.

The Company's cash position remains healthy in spite of the impact of the quiet trading during the Second-Half of FY2009 and early FY2010. Recent orders together with the expanded order book are expected to return cash balances to previous levels during the Second-Half of the current Financial Year.

All resolutions put to the Annual General Meeting were carried unanimously on a show of hands.

Enquiries:

WorkPlace Systems International plc
Barney Quinn, Chief Executive Tel: 07860 883 847

Paul Wright, Chief Financial Officer Tel: 01908 251 340

Altium
Ben Thorne Tel: 020 7484 4040

Paul Chamberlain

This information is provided by RNS The company news service from the London Stock Exchange

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