12th May 2014 10:41
LONDON (Alliance News) - Anite PLC said Monday it would report full-year revenue and adjusted operating profit in line with expectations for the year ended April 30, as it saw "encouraging" trading in its final quarter.
The hardware and software company said that its cash generation in the second half of the year was stronger than it had expected due to better working capital management. It had net cash of GBP6.0 million as at April 30, versus net debt of GBP6.0 million as at October 31.
In the company's Handset Testing business, revenue in the second half was in line with the previous year, and benefited from benefits from the investment Anite made in Time Division-Long Term Evolution technology for telecommunications over the last few years, it said.
Market conditions for the Handset Testing business continued to make the timing of orders difficult to predict, Anite said.
Its Network Testing and Travel business continued to perform well, meeting expectations, and its acquisition of Genetel SAS in July 2013 performed well after it was successfully integrated.
Anite is continuing to investigate the potential disposal of its Anite Travel business, but noted that there was no certainty this would lead to a sale.
It will issue its full-year results on July 2.
Shares in Anite were trading up 9.0% at 90.50 pence Monday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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