28th Apr 2014 10:29
LONDON (Alliance News) - Simulation and training technology company SimiGon Ltd saw its shares rise Monday after it reported strong growth in revenue and profits in 2013, driven by big new contracts and expansion into new geographies, and a maiden dividend.
The company reported a net profit of USD896,000 for the year, up from USD708,000 in 2012, as revenues rose to USD8.2 million, from USD6.8 million.
"The positive momentum seen in 2013 has been maintained at the start of 2014 and as a result the company expects to see continued growth in revenues and profit in 2014," it said in a statement.
It said it would pay its first dividend, of 0.543 cents a share, for 2013. Its cash and cash equivalents rose to USD8.61 million on December 31, from USD7.11 million at the end of 2012.
The company makes a PC-based software platform allowing users to create and manage simulations for aircraft, ground vehicles, ships, weapons, sensors, or eLearning material, for things like training, research & development, operations analysis, or entertainment.
This year, it has entered the Chinese civil aviation market through a joint venture with Chinese aviation services company Yantai Lan Hai Heng Chuang Zhi Neng Jiao Tong Ke Ji You Xian Gong Si.
SimiGon shares were up 9.2% at 33.85 pence Monday morning, one of the biggest gains on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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