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H1 results are out, and show a slow improvement in the numbers, but much increased optimism about the overall health of the business following the long transition to SaaS.
The £4.6m m/cap compares to $6.2m cash - plus a net $2.1m trade receivables less payables, of which a further $1.5m has been received since 30th June.
The outlook statement shows where they're heading:
"SimiGon's outlook is positive primarily due to its current technologies, R&D roadmap and the overwhelming need to provide millennials and Generation Z with VR, MR, AR capable, immersive training solutions. Government and Civilian requirements for proficient operators in multiple domains of zero risk tolerance such as aviation and energy, is a challenge the Company looks forward to capturing and realizing the growth foreseen by investors."
Let's hope this statement is realistic. If so there's significant upside here:
"Our true achievement is the foundation we have created for future growth and return to profitability."
Nice summary from the respected Techmarketview:
Https://www.techmarketview.com/ukhotviews/archive/2019/09/30/simigon-learning-to-grow
"SimiGon learning to grow
LSE-listed but US / Israeli headquartered, 3D simulation training SaaS provider SimiGon, saw revenue for the first six months of the year increase by 12% to $2.7m (H1 18: $2.4 m). Operating losses declined by 32% to $0.44m (H1 18: $0.65m).
SimiGon was founded by former Israeli Air Force flight instructors and is best known as a provider of its simulation development platform - SIMbox - used by companies to create 3D simulation training applications principally for the defence and aviation markets. SimiGon's client base includes training and simulation systems providers, as well as over 20 air forces, and commercial airlines worldwide.
The defence training market remains core to SimiGon where is supports clients including the United States Air Force (USAF) Air Education and Training Command and Lockheed Martin's UK Military Flight Training System. During the first six months of the year it added an additional $850k of contracts with key European customers, signed an agreement with the U.S. Department of Defense Enterprise Software Initiative and added a $1.4m 12-month contract with the USAF to support Flight Training.
As we are seeing from our latest TechMarketView Innovation Partner Programme, learning technologies is a very vibrant place to be at the moment. Expanding beyond defence into civilian and commercial markets where Millennials and Generation Z users demand a more immersive learning experience could offer SimiGon huge potential.
SimiGon has a great client list that should lay a foundation for future growth and a return to profitability. The challenge now is making this happen. Post Period activity with half a dozen or so contracts with the USAF already announced look like a very positive start."
Added another 20000, but that's it now.
Business seems in much better shape now.
Will wait 6 months & hope to see gains.
Cheers.