(Alliance News) - Starcom PLC on Monday said trading so far in 2019 is in line with market expectations and it is on track for expected revenue and earnings growth.
Starcom develops wireless solutions for remote tracking and monitoring and will hold its annual general meeting later in the day.
At the meeting, Chair Michael Rosenberg and Chief Executive Avi Hartmann will say Starcom "is progressing as planned and trading in the current financial year is in line with market expectations".
The chair and CEO will state that the board is confident in achieving its expects growth in revenue and earnings before interest, depreciation, taxation, and amortisation due to as its new opportunities pipeline converts into more orders in the second half of the year.
Within the pipeline, Starcom is already experiencing more interest in new and higher margin products within its Tetis container tracking and Kylos merchandise tracking businesses.
All projects involving Kylos and Tetis are making progress, and the marketing plan for its Bosch branded Starcom products has met a key milestone by achieving DO 160 certification for air cargo tracking.
The pipeline also includes opportunities for Starcom's internet of things product, Lokies, which has already received some orders after a selective launch to certain customers.
Rosenberg and Hartmann will say that Lokies is "currently unrivalled in the market" and could radically widen Starcom's market, allowing "major revenue growth in the future".
"The current level of pipeline activity is significantly higher than the company has experienced in the past and, having recently strengthened the board and its advisory team, the board is satisfied that it is on the right track to meet its growth targets for this year and future years," the CEO and chair will note.
Shares in Starcom were up 2.7% at 1.52 pence on Monday morning.
Star Energy (STAR)