The UK“s Pentagon Protection PLC said 10 June 2005 that new overseas contracts indicate a recovery in 2H results, following greater than expected losses in the 1H 2005.
The safety and security film …
The UK“s Pentagon Protection PLC said 10 June 2005 that new overseas contracts indicate a recovery in 2H results, following greater than expected losses in the 1H 2005. The safety and security film products firm said it has been named preferred supplier by Schlumberger Global Oilfield Logistics and Distribution in 25 countries in the Middle East and Asia. The company also said that its Pentagon Filmtek division has been awarded two initial contracts worth a total of GBP 280,000 by Schlumberger and Shell Exploration in the Middle East to protect the glass of their office buildings using its patented FT800 bomb blast film and anchoring system. Pentagon said the larger project for Schlumberger, worth a minimum value of GBP 250,000, is for an office project in Dubai, commencing mid-June 2005. Pentagon hope to extend its services to Schlumberger to two other geographical regions: North and South America and Europe and Africa. The contract for Shell Exploration is at an unspecified building in the Middle East, to protect client confidentiality, and Pentagon is currently surveying the company“s other sites throughout the Middle East and Africa. Both contract gains will affect the 4Q of Pentagon“s final results for the year ending 30 September 2005. Graham Bannerman, Chief Executive of Pentagon said: “The gestation period of securing these contracts has taken longer than expected but, longer term, could lead to further business from these multinational organisations. “These contract gains go some way to mitigating the greater than expected losses generated in the 1H of the current financial year indicated in our Trading Statement of 29 March 2005, and signals the correctness of our strategy to focus on global clients”. “It points to a recovery in our results in the 2H of the current financial year ended 30 September 2005, as Pentagon“s transition to a more global business moves apace.”