SimiGon (LSE: SIM), a global leader in providing simulation training solutions, provides an update on trading and business performance for the 12 months ended 31 December 2013.

The Company is pleased to report that the strong trading of the first half of the year has been maintained during the second half. The Company has continued to deliver upon its long term contracts on time and on budget, often exceeding customer expectations in both the execution of delivery and performance of its systems. The Company is particularly pleased, in June 2013, to have secured a $6.7m contract to provide, as a prime contractor, a SIMbox training solution and delivery upon this contract has progressed well.

As a result of the above, the Company expects to report revenue for the year ended 31 December 2013 of at least $7.9m (2012: $6.8m), slightly ahead of market expectations and representing growth of 16% over the previous year, and profits in line with market expectations, representing an increase of approximately 20% over the previous year. The Company's balance sheet remains strong, including over $8.0m in cash and cash deposits at 31 December 2013.

Furthermore, the Company has continued to enhance its prospects for securing new and further contracts in this growing market whilst its transition to becoming a prime contractor also remains on track.

SimiGon President & CEO, Ami Vizer, said: "SimiGon continues to grow and maintain its strong financial performance as it cements its position as a supplier of choice in the provision of simulation training solutions. Through our long term contracts, we have good visibility of revenues and a robust pipeline of new opportunities which gives us great confidence for 2014 and beyond."

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