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Unigel Group PLC - Trading Update

Announcement provided by

Unigel Group plc · UNX

30/09/2022 07:00

Unigel Group PLC - Trading Update
RNS Number : 1569B
Unigel Group PLC
30 September 2022


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Unigel Group plc

(the "Group")

Trading Update

Unigel Group plc (AQSE: UNX), the manufacturer and distributor of materials used in the manufacture of telecommunication fibre optic cables, is pleased to provide the following trading update for the six month period ended 30 June 2022.

As set out in the Group's admission document dated 19 August 2022, the restructuring of the Group only occurred after the interim period end. As a result, the Group is providing a trading update rather than a full set of interim results. The financial data included in this announcement has been prepared using accounting standards consistent with the Group's annual financial report, is unaudited, and has been extracted from the Group's management accounts.

Financial performance

Group revenue, all relating to continuing operations, was £17.9 million and the profit before tax was £0.94 million for the six month period ended 30 June 2022. This represents an increase of 87% and 94% respectively over the corresponding six months of 2021.

Operating businesses

Unigel (UK) Limited ("Unigel"), in which the Group has a 60.0% holding, formulates, manufactures, and markets thixotropic gels primarily to the fibre optic cable industry. In addition, it also makes specialty gel products for the construction, green energy, and high voltage transmission apparatus markets. Unigel achieved revenue of £8.4 million with a profit before tax of £0.56 million for the six month period ended 30 June 2022 (30 June 2021: £6.5 million and £0.24 million respectively). Revenue increased by 29% over the corresponding six months of 2021.

Unitape Limited ("Unitape"), a wholly owned subsidiary of the Group, is one of the largest domestic manufacturers and suppliers of laminated steel tapes to the fibre optic cable industry in North America. Unitape achieved revenue of £9.5 million with a profit before tax of £0.38 million for the six month period to 30 June 2022 (30 June 2021: £3.1 million and £0.24 million respectively). Revenue increased by 200% over the corresponding six months of 2021.

The Directors are pleased with the growth achieved in the first half of 2022 which arose from a combination of higher selling prices, new product introduction and new customer acquisition. Management continue to optimise the manufacturing capability of the Group and continue to improve its product range through its in-house research and development team.

The majority of the Group income is derived in foreign currencies. The Group continues to monitor the volatility of exchange rates closely and will take steps to mitigate the effect of any fluctuations.


Group net assets

The Group had net assets as at 30 June 2022 of £3.7 million of which £0.65 million was cash. These figures do not include the £0.82 million cash raised (gross) in the subscription as part of the Group's admission to trading on the AQSE Growth Market.

Current trading

The Group expects overall trading to be robust in the second half of the year allowing for seasonal variations within the respective geographical regions in which its customers are located. Material prices have been high in the first half of the year and are expected to reduce marginally in the second half of 2022, therefore we will continue to operate with flexible pricing strategies. Logistical challenges which continued post COVID-19 are expected to ease and the price level is expected to return towards a pre-pandemic level in the medium term. Leveraging on its three manufacturing sites, across three different continents, the Group has worked hard to put its customers first and to continue to provide delivery of its products to its customers in 43 countries.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.



Unigel Group plc

Eric Chhoa                                             +81 7022 613 812
Gary Revel-Chion                                 +44 (0) 1273 612 122

Cairn Financial Advisers LLP (AQSE Corporate Adviser)

James Lewis                                          +44 (0) 20 7213 0880
Jo Turner
Ludovico Lazzaretti



Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.


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