Remote Monitored Systems (LON:RMS) has announced an update in relation to the Company’s wholly owned subsidiary, Geocurve Limited.
Trevor Brown executive director of RMS said: “It is disappointing that we have not been able to grow the Geocurve business as previously expected, however the Board has taken decisive action to protect shareholder funds by reducing the costs and risks of Geocurve.”
As noted in the Company’s interim results to 30 June 2019, released on 27 September 2019, following headcount reductions and restructuring within Geocurve during the first half of the year, Geocurve had returned to profitability and had been positioned to take advantage of further opportunities from its use of innovative technology in the surveying space. Since this time, the Board has concluded that the investment required to grow Geocurve to critical mass is not justified given the intense competition in the surveying sector and accordingly, the Directors have taken further action to reduce costs through a programme of additional redundancies.
The Board is currently reviewing strategic options for the Geocurve business and will provide further updates as appropriate in due course.
