16th Sep 2013 13:50
LONDON (Alliance News) - SimiGon Limited Monday said it expects full-year revenues to be ahead of expectations, as it said it continued its development into a major prime contractor of simulation software to the aviation training market.
The group posted revenues of USD4.2 million, up from USD3.5 million in the previous year. Net profit increased 24% to USD220,000 from 177,000. The company also increased its total assets to USD10.2 million from USD9.3 million. Cash increased 19% to USD8.5 million.
By moving into a position of prime contractor, SimiGon said it had been able to target and win larger contracts than previously possible, which bolstered results. Additionally this has improved customer relations with the benefit to recurring revenues, and has allowed SimiGon to become involved in selling third-party hardware along with its own software.
SimiGon said that momentum gained from its strong first-half results has continued into the second half of the year, and as a result it expected to report revenues slightly ahead of market expectations. Shares in the simulation software company were trading down 9.0% at 34.60 pence Monday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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