UBI24 Jul 2012 12:24
Half year end trading update
Cambridge, UK - Ubisense Group plc ("Ubisense" or the "Company") (LSE:UBI), a market leader in location based smart technology, provides an update on trading performance for the half year to 30 June 2012.
The business as a whole has continued to see good momentum and expects to report revenues at the half year which, on an underlying basis, are ahead of the same period in the preceding year.
The Geospatial division has continued to perform in line with Board expectations, and the contribution of the acquisitions completed in 2011 has been particularly pleasing.
In RTLS, the sales momentum has also continued to be strong and excellent progress has been made with a number of new customer signings, several of which have come through Atlas Copco. The division has continued to invest in this relationship which has helped to drive these orders. Whilst new business opportunities continue to grow, we experienced some delays with a small number of orders from the North American market. One of these orders has since been signed and the others are expected to come through during the second half.
The result of these delays is that full year revenues are likely to be marginally lower than previously expected and this, along with the increased investment, will have an effect on the Group's reported earnings for the year to December 2012, which are now expected to be within, but at the lower end of, market expectations.
Ubisense has a strong balance sheet with net cash at 30 June 2012 of over £3 million.