30th Sep 2019 10:41
(Alliance News) - Simulation training firm SimiGon Ltd said Monday its loss improved as revenue rose as it continue to progress towards restoring profitability.
For the six months ended June, pretax loss improved to USD433,000 from USD672,000 the year prior. This was after revenue rose to USD2.7 million from USD2.4 million the year before.
"We were able to report higher revenues for the period, together with a reduction at the operating loss level," Chief Executive Officer Ami Vizer said. "Our true achievement is the foundation we have created for future growth and return to profitability."
"The company is executing its strategy to deliver program milestones of long-term strategic contracts and continuing to position itself in the market as a leading technology provider for VR and MR training solutions," Vizer added.
"We entered 2019 with more clients, more partners, stronger technology and greater utilization of our SIMbox technology across more domains than any other year in our history", Vizer continued.
"SimiGon's ability to identify new markets and their need for cost effective training is exemplified throughout the period and post-period with multiple SIMbox-based MR training systems contracts awarded to the company by the USAF and other customers," Vizer added. "This positive year positions the company to deliver improved financial performance over the long term."
Shares in SimiGon were untraded at 9.00 pence in London on Monday.
By Ahren Lester; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
SIM.L