News

posted on 07 April 2008 11:02

Optical archiving supplier Plasmon has successfully raised £10 million to expand its sales channel through a 100 million share placement reflecting faiith in new CEO Steve Murphy's strategy. Results for the year ending 31 March, 2008, were as expected.

The company was re-financed in May last year but that failed to stabilise it and Steve Murphy was brought in as a new CEO to galvanise the operation. The new strategy involves a substitution of archive solutions revenues for UDO optical product revenues and involves archive software strengthening and working capital needs as well as channel expansion.

It will move into a new and smaller facility in Broomfield, Colorado, in June.

The company made a statement to the London Stock Exchange saying: "Execution of the new growth strategy, announced in early February, is progressing ahead of schedule and underpins the Board's confidence in the prospects for significant sales growth in 2008/09."

So far so very good.

^{[Chris Mellor.]}