SIM.L Share News (SIM)

LONDON (Alliance News) - SimiGon Ltd said Tuesday that it expects to post a "significant increase in profits" compared to its previous year for 2014, as it continued to trade well.

The simulation training products provider posted an operating profit of USD998,000 in 2013. It said it had USD9 million in cash as at the end of 2014.

The company said it had continued to strengthen its position with global partners during the year, expanding into new territories and diversifying its product offering.

"We are pleased to report that our strong performance continued during 2014," said Chief Executive and President Ami Vizer in a statement. "We continue to focus on strategic long term contracts, providing SimiGon the ability to maintain and grow its strong financial position whilst achieving visibility of revenues and a robust pipeline of new opportunities which gives us great confidence for 2015 and beyond."

Shares in SimiGon are trading up 23.8% at 26.00 pence Tuesday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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