Technology
Flotek Surpasses 2024 Annual Guidance with Strong Fourth Quarter and Full-Year Results
Published
1 year agoon
By
HOUSTON, March 10, 2025 /PRNewswire/ — Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) today announced operational and financial results for the fourth quarter and full-year ended December 31, 2024. Fourth quarter 2024 results were the strongest quarterly results of 2024 in terms of revenue, gross profit, net income and adjusted EBITDA (1).
Financial Summary (in thousands, except ‘per share’ amounts)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
Total Revenues
$ 50,758
$ 42,188
$ 187,025
$ 188,058
Gross Profit
$ 12,277
$ 9,430
$ 39,386
$ 24,263
Net Income
$ 4,429
$ 2,104
$ 10,498
$ 24,713
Diluted Income (Loss) Per Share
$ 0.14
$ 0.07
$ 0.34
$ (0.10)
Adjusted EBITDA (1)
$ 7,023
$ 3,952
$ 20,327
$ 1,488
Full-Year and Fourth Quarter 2024 Highlights
Q4 2024 total revenue rose 20% vs. Q4 2023, led by a 21% jump in external customer revenue—the highest in 5 years.Data analytics service revenue grew 124% vs. Q4 2023 and 44% vs. full year 2023.Gross profit climbed 30% vs. Q4 2023 and 62% vs. full year 2023, with Q4 2024 gross margin rising to 24%.Q4 2024 net income was $4.4 million and adjusted EBITDA(1) totaled $7.0 million, up 111% and 78%, respectively, vs Q4 2023.2024 net income hit $10.5 million or $0.34/share, vs. a loss of $(0.10)/share in 2023.2024 adjusted EBITDA(1) reached $20.3 million, up $18.8 million from 2023—the highest since 2017—exceeding guidance of $18.5 million by 10%.
Management Commentary
Chief Executive Officer Dr. Ryan Ezell commented, “2024 marks a significant step in the execution of our corporate strategy towards the convergence between innovative Data and Chemistry solutions that deliver outstanding value to our customers and external stakeholders. This year, we not only achieved the highest profitability metrics in nearly a decade but did so through superior operational efficiency and service quality execution. Additionally, our commitment to safety has shone through, with no lost-time incidents recorded in the past three years.
We’ve expanded our technology portfolio with the introduction of three cutting-edge Data Analytics solutions: VeraCal, JP3 Raman, and XSPCT, systems specifically designed to address the unique challenges of the energy and infrastructure sector while driving high-margin growth into 2025 and beyond. In the fourth quarter, we observed a significant transformation in our Data Analytics revenue resulting in a 67% sequential increase in service revenue furthering the shift from products to services.
Looking ahead, we expect that the integration of Data and Chemistry at Flotek will provide exciting new innovations in the energy and infrastructure market. These advancements are set to empower our customers’ assets to maximize returns, reduce costs, automate processes, and leverage data in ways previously unimaginable. We believe that our relentless pursuit to leverage chemistry as the common value creation platform will position Flotek as a leader in differentiated technologies and foster our future growth.”
Fourth Quarter and Full-Year 2024 Financial Results
Revenue: Flotek reported total revenues of $50.8 million for fourth quarter 2024, an increase of $8.6 million, or 20%, compared to total revenues of $42.2 million for fourth quarter 2023. Full-year 2024 total revenues totaled $187.0 million, as compared to total revenues of $188.1 million during 2023. Fourth quarter and full year 2024 revenues include $8.6 million and $32.4 million, respectively, related to the minimum purchase requirements under the Company’s long-term supply agreement with ProFrac Services, LLC.
Segment Revenue Summary (in thousands)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
Chemistry Technologies:
External Revenues
$ 21,071
$ 17,996
$ 63,214
$ 59,016
Related Party Revenues
27,215
22,769
114,947
120,903
Total
$ 48,286
$ 40,765
$ 178,161
$ 179,919
Data Analytics:
Product Revenues
$ 826
$ 688
$ 4,745
$ 5,277
Service Revenues
1,646
735
4,119
2,862
Total
$ 2,472
$ 1,423
$ 8,864
$ 8,139
Gross Profit: The Company generated gross profit of $12.3 million during fourth quarter 2024 compared to a gross profit of $9.4 million during fourth quarter 2023. The improvement in fourth quarter 2024 gross profit was primarily the result of successful initiatives throughout 2024 to drive cost reductions with respect to freight, logistics and materials combined with an 18% increase in chemistry revenue and a 74% increase in data analytics revenue, as compared to fourth quarter 2023.
The Company generated gross profit of $39.4 million for full-year 2024 compared to gross profit of $24.3 million for full-year 2023.Selling, General and Administrative (“SG&A”) Expense: SG&A expense totaled $6.6 million for the fourth quarters of 2024 and 2023. SG&A expense totaled $24.7 million for full-year 2024 compared to $27.8 million for full-year 2023, an 11% reduction year-over-year. Excluding non-cash stock compensation expense, 2024 SG&A expense is 17% lower than 2023.Net Income (Loss) and EPS: Flotek reported net income of $4.4 million, or $0.14 per diluted share, for the fourth quarter 2024. This compares to net income of $2.1 million, or $0.07 per diluted share, for the fourth quarter 2023. Net income for full-year 2024 was $10.5 million, or $0.34 per diluted share, compared to net income (loss) of $24.7 million, or ($0.10) per diluted share, for the comparable period of 2023. Net income for full-year 2023 included non-cash gains related to the fair value measurement of convertible notes payable and a PPP loan forgiveness totaling $34.5 million.Adjusted EBITDA (Non-GAAP)(1): Adjusted EBITDA(1) was $7.0 million in fourth quarter 2024 as compared to $4.0 million in fourth quarter 2023. Adjusted EBITDA(1) was $20.3 million for full-year 2024 compared to $1.5 million for full-year 2023.
(1)
See the “Unaudited Reconciliation of Non-GAAP Items and Non-Cash Items Impacting Earnings” section in this release for more information, including reconciliations to the most comparable GAAP measures.
2025 Guidance
Consistent with 2024 and 2023, Flotek plans to issue 2025 guidance in conjunction with the release of its first quarter 2025 financial and operating results.
Upcoming Investor Event
Flotek will participate in the 37th Annual Roth Conference to be held at the Marriott in Laguna Dana Point, California, March 17-18, 2025. Flotek Chief Executive Officer, Ryan Ezell, will participate in an industry panel discussion on March 17 at 10:00 a.m. PT and will be joined by Chief Financial Officer, Bond Clement, in hosting one-on-one meetings during the event. An updated corporate presentation to be used in discussions at the conference will be posted to the Investor Relations section of Flotek’s corporate website at www.flotekind.com prior to the start of the conference.
Conference Call Details
Flotek will host a conference call on March 11, 2025, at 9:00 a.m. CT (10:00 a.m. ET) to discuss its fourth quarter and full-year 2024 results. Participants may access the call through Flotek’s website at www.flotekind.com under “News” within the Investor Relations section, by telephone toll free at 1-800-836-8184 (international toll: 1-646-357-8785), or by using the following link to access the audience view of the webcast at https://app.webinar.net/qDjWg9qga1Y approximately five minutes prior to the start of the call. Following the conclusion of the conference call, a recording of the call will be available on the Company’s website.
An updated corporate presentation that will be referenced on the call will be posted to the Investor Relations section of Flotek’s website at www.flotekind.com prior to the start of the earnings conference call.
About Flotek Industries, Inc.
Flotek Industries, Inc. is a leading chemistry and data technology company focused on servicing the Energy industry. The Company’s top tier technologies leverage near real-time data to deliver innovative solutions to maximize customer returns. Flotek has an intellectual property portfolio of over 130 patents, 20+ years of field and laboratory data, and a global presence in more than 59 countries.
Flotek has established collaborative partnerships focused on sustainable and optimized chemistry and data solutions, aiming to reduce the environmental impact of energy on land, air, water and people.
Flotek is based in Houston, Texas and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit www.flotekind.com.
Forward-Looking Statements
Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.’s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release. Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Further information about the risks and uncertainties that may impact the Company are set forth in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the “Risk Factors” section thereof), and in the Company’s other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.
FLOTEK INDUSTRIES, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
December 31, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$ 4,404
$ 5,851
Restricted cash
102
102
Accounts receivable, net of allowance for credit losses of $447 and $745 at
December 31, 2024 and December 31, 2023, respectively
17,386
13,687
Accounts receivable, related party, net of allowance for credit losses of $0 at
each of December 31, 2024 and December 31, 2023, respectively
52,370
34,569
Inventories, net
13,303
12,838
Other current assets
2,952
3,564
Current contract asset
5,939
5,836
Total current assets
96,456
76,447
Long-term contract asset
63,105
68,820
Property and equipment, net
6,178
5,129
Operating lease right-of-use assets
3,326
5,030
Deferred tax assets, net
51
300
Other long-term assets
1,680
1,787
TOTAL ASSETS
$ 170,796
$ 157,513
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$ 38,073
$ 31,705
Accrued liabilities
5,912
5,890
Income taxes payable
48
45
Current portion of operating lease liabilities
1,486
2,449
Current portion of finance lease liabilities
—
22
Asset-based loan
4,789
7,492
Current portion of long-term debt
60
179
Total current liabilities
50,368
47,782
Deferred revenue, long-term
14
35
Long-term operating lease liabilities
6,514
7,676
Long-term debt
—
60
TOTAL LIABILITIES
56,896
55,553
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value, 100,000 shares authorized; no shares
issued and outstanding
—
—
Common stock, $0.0001 par value, 240,000,000 shares authorized;
30,938,073 shares issued and 29,826,508 shares outstanding at
December 31, 2024; 30,772,837 shares issued and 29,664,130 shares
outstanding at December 31, 2023
3
3
Additional paid-in capital
464,620
463,140
Accumulated other comprehensive income
251
127
Accumulated deficit
(316,308)
(326,806)
Treasury stock, at cost; 1,111,565 and 1,108,707 shares at December 31,
2024 and December 31, 2023, respectively
(34,666)
(34,504)
Total stockholders’ equity
113,900
101,960
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$ 170,796
$ 157,513
FLOTEK INDUSTRIES, INC.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
Revenue:
Revenue from external customers
$ 23,328
$ 19,239
$ 71,263
$ 66,518
Revenue from related party
27,430
22,949
115,762
121,540
Total revenues
50,758
42,188
187,025
188,058
Cost of goods sold
38,481
32,758
147,639
163,795
Gross profit
12,277
9,430
39,386
24,263
Operating costs and expenses:
Selling, general, and administrative
6,630
6,552
24,709
27,827
Depreciation
229
204
891
734
Research and development
365
255
1,714
2,486
Gain on sale of property and equipment
(90)
—
(124)
(38)
Gain in fair value of Contract Consideration
Convertible Notes Payable
—
—
—
(29,969)
Total operating costs and expenses
7,134
7,011
27,190
1,040
Income from operations
5,143
2,419
12,196
23,223
Other income (expense):
Paycheck protection plan loan forgiveness
—
—
—
4,522
Interest expense
(253)
(320)
(1,095)
(2,857)
Other income (expense), net
(105)
56
46
(26)
Total other (expense) income
(358)
(264)
(1,049)
1,639
Income before income taxes
4,785
2,155
11,147
24,862
Income tax expense
(356)
(51)
(649)
(149)
Net income
$ 4,429
$ 2,104
$ 10,498
$ 24,713
Income (loss) per common share:
Basic
$ 0.15
$ 0.07
$ 0.36
$ 1.00
Diluted
$ 0.14
$ 0.07
$ 0.34
$ (0.10)
Weighted average common shares:
Weighted average common shares used in
computing basic income (loss) per common
share
29,642
29,396
29,534
24,830
Weighted average common shares used in
computing diluted income (loss) per common
share
31,436
30,496
30,889
28,377
FLOTEK INDUSTRIES, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Twelve Months Ended
December 31,
2024
2023
Cash flows from operating activities:
Net income
$ 10,498
$ 24,713
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Change in fair value of contingent consideration
71
(527)
Change in fair value of Contract Consideration Convertible Notes Payable
—
(29,969)
Amortization of convertible note issuance costs
—
83
Payment-in-kind interest expense
—
2,284
Amortization of contract asset
5,612
5,033
Depreciation
891
734
Amortization of asset-based loan origination costs
314
121
Provision for credit losses, net of recoveries
181
138
Provision for excess and obsolete inventory
645
959
Gain on sale of property and equipment
(124)
(38)
Non-cash lease expense
2,094
3,014
Stock compensation expense
1,366
(254)
Deferred income tax expense
249
104
Paycheck protection plan loan forgiveness
—
(4,522)
Changes in current assets and liabilities:
Accounts receivable
(3,880)
5,311
Accounts receivable, related party
(17,801)
(11,886)
Inventories
(1,110)
1,938
Income taxes receivable
8
—
Other assets
561
(836)
Accounts payable
6,368
(1,670)
Accrued liabilities
(70)
(2,575)
Operating lease liabilities
(2,515)
(3,391)
Income taxes payable
3
(53)
Interest payable
—
(8)
Net cash provided by (used in) operating activities
3,361
(11,297)
FLOTEK INDUSTRIES, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(continued)
Twelve Months Ended
December 31,
2024
2023
Cash flows from investing activities:
Capital expenditures
(1,940)
(1,081)
Proceeds from sale of assets
124
67
Net cash used in investing activities
(1,816)
(1,014)
Cash flows from financing activities:
Payment for forfeited stock options
—
(617)
Payments on long term debt
(179)
(149)
Proceeds from asset-based loan
166,950
68,716
Payments on asset-based loan
(169,653)
(61,224)
Payment of asset-based loan origination costs
(164)
(574)
Payments to tax authorities for shares withheld from employees
(162)
(268)
Proceeds from issuance of stock under Employee Stock Purchase Plan
114
77
Payments for finance leases
(22)
(33)
Net cash (used in) provided by financing activities
(3,116)
5,928
Effect of changes in exchange rates on cash and cash equivalents
124
(54)
Net change in cash and cash equivalents and restricted cash
(1,447)
(6,437)
Cash and cash equivalents at the beginning of period
5,851
12,290
Restricted cash at the beginning of period
102
100
Cash and cash equivalents and restricted cash at beginning of period
5,953
12,390
Cash and cash equivalents at end of period
4,404
5,851
Restricted cash at the end of period
102
102
Cash and cash equivalents and restricted cash at end of period
$ 4,506
$ 5,953
FLOTEK INDUSTRIES, INC.
Unaudited Reconciliation of Non-GAAP Items and Non-Cash Items Impacting Earnings
(in thousands)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
Gross profit
$ 12,277
$ 9,430
$ 39,386
$ 24,263
Stock compensation expense
15
3
24
(132)
Severance and retirement
2
3
11
29
Contingent liability revaluation
117
(143)
71
(527)
Amortization of contract asset
1,271
1,368
5,612
5,033
Adjusted Gross profit (Non-GAAP) (1)
$ 13,682
$ 10,661
$ 45,104
$ 28,666
Net income
$ 4,429
$ 2,104
$ 10,498
$ 24,713
Interest expense
253
320
1,095
2,857
Income tax expense
356
51
649
149
Depreciation and amortization
229
204
891
734
EBITDA (Non-GAAP) (1)
$ 5,267
$ 2,679
$ 13,133
$ 28,453
Stock compensation expense
451
307
1,366
(268)
Severance and retirement
7
10
39
(17)
Contingent liability revaluation
117
(143)
71
(527)
Gain on disposal of assets
(90)
—
(124)
(38)
PPP loan forgiveness
—
—
—
(4,522)
Contract Consideration Convertible Notes Payable revaluation adjustment
—
—
—
(29,969)
Amortization of contract asset
1,271
1,368
5,612
5,033
Non-Recurring professional fees
—
(269)
230
3,343
Adjusted EBITDA (Non-GAAP) (1)
$ 7,023
$ 3,952
$ 20,327
$ 1,488
(1)
Management believes that adjusted gross profit, EBITDA and adjusted EBITDA for the three and twelve months ended December 31, 2024 and 2023, are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods. Management views the income and expenses noted above to be outside of the Company’s normal operating results. Management analyzes operating results without the impact of the above items as an indicator of performance, to identify underlying trends in the business and cash flow from continuing operations, and to establish financial and operational goals, excluding certain non-cash or non-recurring items.
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SOURCE Flotek Industries, Inc.
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21 minutes agoon
July 24, 2026By
NICOSIA, Cyprus, July 24, 2026 /PRNewswire/ — Xryma Plc (“Xryma”) announces its intention to reapply within the next twelve months for admission to list on Euronext Paris (“Euronext”), with such admission being subject to Euronext’s approval. Before submitting its application, Xryma intends to launch a pre-listing liquidity facility and price discovery process, comprising a private placement to institutional and qualified investors alongside a secondary market offer to Xryma existing shareholders (“shareholders”) wishing to exit prior to listing.
The admission referred to above that is subject to the approval of Euronext may also be subject to approval by relevant regulatory authorities, and no assurance can be given that approval will be granted or as to the timing of any admission.
The pre-listing liquidity facility and price discovery process is designed to:
Enable shareholders seeking an exit to participate without the need to open an EU brokerage account,Provide a clear and orderly opportunity for existing shareholders to sell all or part of their holdings ahead of any potential admission to trading on Euronext Paris,Enable shareholders to sell all or part of their holdings at the same price at which qualified and institutional investors subscribe for shares in the Company,Establish, through a bookbuild with qualified and institutional investors, a market-validated referenced price for Xryma shares ahead of any potential admission on Euronext Paris (the “Primary Market Placement Price”),Support orderly trading upon potential admission.
Individual shareholder mailouts explaining the details of the pre-listing liquidity facility scheme with instructions and necessary documentation will be conducted during August 2026.
As the Primary Market Placement Price is to be determined by the subsequent bookbuild, shareholders will be given the opportunity to set a floor price which will result in the sale of their shares if the Primary Market Placement Price is higher. Shareholders will receive the Primary Market Placement Price minus applicable fees.
Shareholders and Investors may be scaled back to match corresponding demand from the other party, with partial fulfilment a possibility if the Company cannot match supply to demand.
Completion of the process is subject to achieving a level of institutional and qualified investor demand that the Board considers appropriate to support an orderly market should Xryma subsequently be admitted to trading on Euronext Paris.
Participation is entirely voluntary. Shareholders who do not wish to sell will simply retain their shares. Shareholders that do not intend to participate should continue to onboard with a Euronext participating broker, or a Euroclear ESES custodian, per previous communications.
The major shareholders, SCP Select All Enterprise (Monaco) and SCP Red 5 Solutions (Monaco) will not participate in the offer and will be subject to lock up arrangements.
Mr Nikogiannis (John) Karantzis, CEO of Xryma Plc comments: “Our shareholders have told us they would value a straightforward way to realise their holdings without the time and cost of opening an EU brokerage account. This process is our response to that feedback. We are structuring the placement to be large enough to establish a credible reference price whilst limiting dilution, with demand directed first towards meeting shareholder sell interest. We look forward to updating the market on the revised timetable in due course.”
Shareholders seeking a more detailed explanation of the pre-listing liquidity facility and price discovery process, should refer to the guide available at https://www.xryma.com/investors
Important Information & Disclaimers
This press release may contain inside information within the meaning of Article 7(1) of Regulation (EU) 596/2014 (Market Abuse Regulation).
This publication is not for publication or distribution or release, directly or indirectly, in or into the United States of America (including its territories and possessions, any state of the United States and the District of Columbia), Canada, Australia, South Africa, Japan or any other jurisdiction where such an announcement would be unlawful. The distribution of this publication may be restricted by law in certain jurisdictions and persons into whose possession this document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. No action has been taken that would permit an offering of the treasury shares or possession or distribution of this publication in any jurisdiction where action for that purpose is required.
This publication does not constitute or form part of an offer for sale or solicitation of an offer to purchase or subscribe for securities in the United States, Canada, Australia, South Africa, Japan or any other jurisdiction and the securities referred to herein have not been registered under the securities laws of any such jurisdiction. Any New Shares (if such are issued) will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or under the securities laws of any State or any other jurisdiction of the United States, and may not be offered or sold, directly or indirectly, in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of, the Securities Act and in compliance with all applicable securities laws of any State or any other jurisdiction of the United States. No public offering of securities is being made in the United States or in any other jurisdiction.
The information set forth herein must not be distributed in any jurisdiction where such distribution is unlawful, and any recipients are requested to inform themselves about and to observe such restrictions.
The Offering referred to herein by Xryma Plc will only be made in accordance with all applicable corporate and securities laws. Any shares referred to herein will exclusively be offered or sold in reliance on any applicable exemptions from prospectus or registration requirements in any jurisdiction. In member states of the European Economic Area, this publication is only addressed to and directed at persons who are ‘qualified investors’ within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (as amended and including any relevant delegated regulations, the “Prospectus Regulation”) or in any other circumstances falling within exemptions available in the relevant member state under Article 1(4) and/or 1(5) of the Prospectus Regulation. In the United Kingdom, this publication is only addressed to and directed at qualified investors within the meaning of the Prospectus Regulation, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended (“EUWA”), who are persons (i) who have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”), (ii) falling within article 49(2)(a) to (d) (high net worth companies, incorporated associations, etc.) of the Order, or (iii) to whom it may otherwise be lawfully communicated; any other persons in the United Kingdom should not take any action on the basis of this publication and should not act on or rely on it.
This publication does not constitute a recommendation concerning the prospective Offering. This announcement does not constitute an Offer or invitation to subscribe.
This announcement includes statements that are, or may be deemed to be, ‘forward looking statements’. These forward-looking statements can be identified by the use of forward looking terminology, including the terms ‘believes’, ‘estimates’, ‘anticipates’, ‘expects’, ‘intends’, ‘may’, ‘will’, or ‘should’ or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. By their nature, forward looking statements involve risk and uncertainty because they relate to future events and circumstances which may or may not occur. Many of these factors are beyond the control of the Company. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results and circumstances may vary materially from those described in this announcement as anticipated, believed, estimated or expected.
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