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SimiGon Limited   -  SIM   

Trading Update

Released 07:00 24-Mar-2016

RNS Number : 1222T
SimiGon Limited
24 March 2016
 

24 March 2016

 

SimiGon Ltd

("SimiGon" or "the Company")

 

Trading and Business Update

The Company is pleased to report that it has continued to trade well during the year ended 31 December 2015 (the "period") and has maintained its focus on profitability. The Company has continued to deliver on its long term contracts as a prime contractor as well as securing further contracts with new and existing clients. As a result the Company expects to report profits in line with expectations. The Company expects to report revenue for the year of approximately $6.8m which is lower than the prior year mainly as a result of timetable delays with the completion of a specific contract (as described below), while still having higher margin sales channels. The Company's balance sheet remains strong with more than $7.0m of liquid cash as at 31 December 2015.

 

During the period, the Company successfully continued to leverage its position as a leading supplier of training and simulation technologies. This included cementing its position as a prime contractor for major, long term simulation training programmes, securing significant new contracts and diversifying its product capabilities. Furthermore, the Company has continued to meet project milestones for long term contracts, executing delivery and performance of its systems. Delivery under the $6.7 million contract signed in June 2013 has continued although on a slower timetable than expected as a result of the client requesting SimiGon to provide a number of deliverables outside of the original contract scope. As part of SimiGon's drive to support all its clients, the Company has been prepared to agree to these new demands and expect to meet the delivery milestones during the course of 2016.  

 

SimiGon President & CEO, Ami Vizer, said: "I am pleased to report that our strong operational performance continued during 2015. SimiGon continues to cement its position as a prime contractor for major, long term simulation training programmes. During the period we have continued to strengthen our position working with valuable global partners as a supplier of choice in the provision of simulation training solutions. This base provides SimiGon with the opportunity to maintain and grow its strong financial position whilst achieving a robust pipeline of new opportunities which gives us great confidence for 2016 and beyond."

 

SimiGon will announce its preliminary results for the year ended 31 December 2015 on Monday, 18 April 2016.

 

Enquiries:

 

SimiGon Ltd

Ami Vizer, Chief Executive Officer

Efi Manea, Chief Financial Officer

www.simigon.com

 

 

Tel: +1 (407) 951 5548

finnCap (NOMAD & Broker)

Stuart Andrews / Scott Mathieson (corporate finance)

 

Tel: +44 (0) 20 7220 0500

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Trading Update - RNS