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Business and Trading Update - Simigon

News Details

Business and Trading Update

SimiGon (LSE: SIM), a global leader in providing simulation training solutions, is pleased to provide an update on trading for the period since 30 June 2012.

The Company is pleased to report that it has continued to make strong progress in the second half of the year across the business and as a result now expects to report revenues for the year ended 31 December 2012 of at least $6.5 million (FY 2011: $5.48m), significantly ahead of market expectations and demonstrating clear growth on previous years. The Company expects profits for the year to be in line with market expectations reflecting that the Company has become increasingly active as a prime contractor, as stated in the Company's interim financial statement.

In particular, the Company has in the second half announced a second contract with a major European customer and a substantial contract to supply a South American country's entire armed forces with SimiGon's SIMbox training and simulation technology platform. Sales from both these contracts have been better than previously expected, with additional revenues coming through in 2012. In addition, the Company's performance reflects progress with other longer term contracts, particularly those with the US Air Education and Training Command and Check-6, announced during the course of 2011, which started to make significant contributions to revenue in 2012.

SimiGon President & CEO, Ami Vizer, said: "We are pleased to report that our strong performance in the first half has continued into the second half, and that we are continuing to achieve the key milestones of the strategy implemented in 2008. We have strengthened our position with valuable global partners, as well as expanded into new markets outside the aerospace and defence industry, and these foundations give management great confidence for continued growth in 2013 and beyond."

View the complete announcement on London Stock Exchange Website