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SimiGon Increasingly Confident For Growth In 2014 On Profit Rise(Alliance News Via Acquire Media NewsEdge) LONDON (Alliance News) - Simulation software company SimiGon Ltd Monday expressed increasing confidence of delivering year-on-year growth for 2014, as it saw profit rise in the half year to end-June. SimiGon paid its maiden dividend in May, and although it did not declare an interim dividend, it said it plans to maintain its annual dividend payment. The company posted a net profit of USD671,000, up from USD220,000 in the previous year, as revenue rose to USD4.4 million from USD4.2 million. SimiGon said revenue growth in the first half was as a result of expansion into new territories and long-term contracts. The company is continuing with its strategy to move into what it called a 'prime contractor' position with clients, which it said enables it to win larger and more lucrative contracts than it had been able to previously. During the half year the company expanded into the Chinese civil aviation market via a joint venture with a Chinese aviation services company. SimiGon won several new contracts during the year, and continued work on a number of long-term projects. SimiGon said it had "excellent revenue visibility" based on its long term contracts, and a forward order book of more than USD10 million. Following the year end the company won a three-year maintenance and support contract worth USD800,000 with an existing European customer, and signed a new licence agreement with Corporacion de Alta Tecnologia para la Defensa. Shares in SimiGon were trading up 0.6% at 28.67 pence Monday morning. Copyright 2014 Alliance News Limited. All Rights Reserved. |