12th Sep 2014 06:53
LONDON (Alliance News) - Anite PLC Friday maintained its expectations for the full year, as overall trading in its first quarter was ahead of the previous year thanks to a better performance from its handset testing division.
The software and hardware company said that, despite continued tough market conditions, product orders in handset testing were "materially up", leading to stronger revenue. This was driven by high demand in the Asia Pacific region, as well as cost cutting that Anite undertook in the business at the end of the previous year.
Its network testing division saw a slower start than the previous year due to weakness in North America and the strength of sterling against the euro. Still, Anite said momentum was picking up in this business, with an "encouraging pipeline of opportunities."
Anite's net cash as at August 31 was GBP49.1 million, compared with GBP6.1 million at April 30, due to the sale of its travel business in May.
"I am encouraged by the start we have made to the year despite the challenging industry backdrop," said Chief Executive Christopher Humphrey in a statement. " Both businesses have good opportunities for the rest of the year and are well positioned to benefit from the investments we have recently made in product development."
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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