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SimiGon Confident For Growth In 2015 As Interim Operating Profit Up

[ 07 Sep 2015 09:09 ]

LONDON (Alliance News) - Simulation services provider SimiGon Ltd on Monday expressed confidence in delivering year-on-year growth for 2015, as it posted a rise in operating profit despite a fall in revenue for its first half.

For the half year to end-June, the company reported an operating profit of USD786,000, up from USD674,000 a year before, as a fall in revenue to USD3.5 million from USD4.4 million was offset by lower operating expenses. In particular, research and development costs reduced to USD735,000 from USD1.1 million a year before.

Total comprehensive income was USD801,000 in the half, up from USD662,000 a year before.

SimiGon attributed the decline in revenue to its revenue recognition policy in terms of long-term contracts, and expects to report higher revenue in its second half.

It said it is continuing to develop its partnership in the Chinese civil aviation market, with multiple opportunities "on the horizon" for military and civilian pilot training services, and plans to pursue this area more aggressively in the future.

"SimiGon's revenue visibility is solid, based on our long-term contracts and backlog. We will continue to leverage our global footprint to build new partnerships, expand our customer base, and target larger programmes. SimiGon's Board enters the second half with confidence of delivering continued year-on-year growth for 2015," said Chief Executive Officer Ami Vizer in a statement.

Shares in SimiGon were up 2.5% at 18.45 pence Monday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

Copyright 2015 Alliance News Limited. All Rights Reserved.


SimiGon Confident For Growth In 2015 As Interim Operating Profit Up - Alliance News

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