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SimiGon Expects Widened Annual Loss On Increased Costs

Mon, 09th Mar 2020 11:16

(Alliance News) - SimiGon Ltd on Monday said it expects to report a widened loss and reduced revenue for 2019 due to a rise in costs.

The stock was trading 23% lower at 5.75 pence each on Monday morning in London.

The simulation training provider expects revenue of USD4.9 million, down 2.0% from USD5.0 million reported for 2018. It also expects to report net loss of USD1.5 million, widened from USD1.0 million the previous year.

The loss was mainly attributed to increased costs due to the purchase of hardware provided as part of the company's programs with the US Air Force and with the Israeli Air Force, which totalled around USD770,000.

SimiGon also said it is still studying the two legal actions filed by D.D Goldstein Real Estates & Investment Ltd and their impact, if any, on the expected financial results for 2019.

In January, SimiGon said DD Goldstein - which purchased 1.5 million shares in the company in 2019 - filed two claims in the Tel Aviv District Court, the first regarding salaries at SimiGon and the second related to the appointment of directors. At the time, SimiGon said it does not expect to take a financial hit from the claims.

SimiGon said it achieved successful delivery milestones for contracts such as the USD1.1 million contract with the Israeli Air Force, and logistics support provided to the US Air Force for the Undergraduate RPA Training program.

It also said the company secured contracts which has solidified SIMbox as a major training technology platform. The contracts include a USD1.8 million contract from a defence contractor to design, develop and implement a C-130 virtual maintenance training solution for the IAF Technician Training Academy.

SIMbox is the company's training and simulation environment platform.

"SimiGon continues to execute its strategy to deliver program milestones of long-term strategic contracts positioning itself in the market as a leading technology provider for VR and MR training solutions. The company has invested in R&D, marketing and technology and has seen greater utilization of our SIMbox technology than in any other previous year," said Chief Executive Ami Vizer.

As at the end of the year, the company had cash of around USD6 million and USD1.4 million of account receivables.

By Ife Taiwo; ifetaiwo@alliancenews.com

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