The London Stock Exchange uses cookies to improve its website. The cookies for analytical purposes have already been set. For more details and how to manage cookies, please see our privacy and cookies policy.

Alliance News Detail


Simigon Confident In Prospects As 2016 Profit Declines

[ 11 Apr 2017 12:29 ]

LONDON (Alliance News) - Simigon Ltd on Tuesday expressed confidence for its future prospects, as it reported a dip in pretax profit for 2016 and lowered its payout to shareholders.

The company, which provides simulation and training products, proposed a dividend of 0.136 cents for the year, down from 0.6 cents per share in 2015.

Simigon reported a pretax profit of USD292,000, down from USD1.6 million in 2015, as revenue dipped to USD6.0 million from USD6.9 million. The company said there had been procedural delays in concluding its contract with the Israeli Air Force, meaning it was not able to recognise any revenue related to this contract in the year.

Despite being hit by these "circumstances that were outside of its control", Simigon said its underlying business remained profitable and continued to win new business, growing recurring revenue from existing strategic partners.

"Looking ahead, the transition to high value, long term contracts is continuing and whilst this may impact revenue performance in the short term, the expected improvement in long term revenue and profit visibility provides a much stronger footing for the company. We are confident that the previously announced contract delays will be concluded in the near future and the associated revenue and profit is expected to be additional to current expectations for the financial years 2017 and 2018," said Chief Executive Officer Ami Vizer in a statement.

Shares in Simigon were down 7.6% at 17.10 pence Tuesday.

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

Copyright 2017 Alliance News Limited. All Rights Reserved.


Simigon Confident In Prospects As 2016 Profit Declines - Alliance News

The Exchange accepts no responsibility for the content of the website you are now accessing or for any reliance placed by you or any person on the information contained on it.

By allowing this link the Exchange does not intend in any country, directly or indirectly, to solicit business or offer any securities to any person.

You will be redirected in five seconds.

You are accessing the London Stock Exchange Annual Report Service powered by PrecisionIR.

The Exchange accepts no responsibility for the content of the reports you are now accessing or for any reliance placed by you or any person on the information contained therein.

By allowing this link the Exchange does not intend in any country, directly or indirectly, to solicit business or offer any securities to any person.

You will be redirected in five seconds