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Trading Statement

16 Feb 2017 07:00

RNS Number : 0182X
SimiGon Limited
16 February 2017
 

SimiGon Ltd

("SimiGon" or "the Company")

 

Trading and Business Update

 

SimiGon Limited ("SimiGon" or "the Company"), a global leader in providing simulation training solutions, announces an update on trading for the year ended 31 December 2016 (the "Period") ahead of announcing its final results for the Period in April 2017.

The Company has, in the process of preparing its final results and after consultation with its auditors, concluded that it must recognise in the Period certain costs of meeting additional client demands outside the original scope of its major $6.7 million contract (as announced in June 2013). The Company has not yet received the requisite client confirmations which would enable the Company to recognise all the programs revenue. The Company has also been disappointed that procedural delays in concluding the signatory processes underlying its contract with the Israeli Air Force (as announced on 20 June 2016) have not enabled it to recognise any related revenues in the Period.

The Company expects that the effect of these delays is that it will report results for the Period below market expectations. The Company expects to report revenues of approximately $6 million and adjusted net profit before tax will be at least $0.3 million.

The Company remains optimistic in its outlook and confident in its existing forecasts for the current financial year ending 31 December 2017. The revenue and profit which could not be recognized in the Period will be incremental to those existing expectations for the years ending 31 December 2017 and 2018.

The Company's balance sheet remains strong with more than $8.0 million of liquid cash as at 31 December 2016. Given this significant cash balance, the Company intends to propose a share buy-back program later in the financial year. Further details will be provided in due course.

SimiGon President & CEO, Ami Vizer, said: "It is disappointing that our financial performance for this year has been affected by circumstances that are outside of our control but we are confident that all of the outstanding issues will be resolved in the coming year. This will contribute to the Company's great revenue and profit visibility for 2017 and beyond.

SimiGon continues to cement its position as a prime contractor for major long term simulation programs and during the Period we secured a number of significant new contracts, continued to deliver project milestones for long term contracts and successfully executed on delivery and performance of our systems.

Despite this setback, the Company's Board of Directors looks to the future with optimism".

Enquiries:

 

SimiGon Ltd

Ami Vizer, Chief Executive Officer

Efi Manea, Chief Financial Officer

www.simigon.com

 

 

Tel: +1 (407) 951 5548

finnCap (NOMAD & Broker)

Henrik Persson / Scott Mathieson (corporate finance)

 

Tel: +44 (0) 20 7220 0500

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
TSTOKPDBKBKBOBD
Date   Source Headline
4th Apr 20224:05 pmRNSMerger effective and Cancellation confirmed
28th Mar 20223:50 pmRNSUpdate related to Merger and Delisting schedule
28th Mar 20227:30 amRNSSuspension - SimiGon Limited
17th Mar 20227:00 amRNSUpdate on Merger & Cancellation timetable
3rd Mar 20227:00 amRNSUpdate to proposed Merger & Delisting
25th Feb 20222:15 pmRNSUpdate to proposed Merger & Delisting
18th Feb 20225:31 pmRNSResult of Special General Meeting of Shareholders
11th Feb 20226:26 pmRNSShareholder Update Re Tender Offer
3rd Feb 20223:00 pmRNSUpdate to Notice of Special General Meeting
17th Jan 20222:00 pmRNSPrice Monitoring Extension
14th Jan 202212:30 pmRNSProposed Merger & Delisting
30th Dec 20213:45 pmRNSResult of AGM
25th Nov 20217:00 amRNSNotice of AGM
5th Nov 20217:00 amRNSAppeal filed Against Court Ruling
5th Oct 20217:00 amRNSSimiGon wins U.S. Marine Corps Contract
27th Sep 20217:00 amRNSInterim Results
16th Aug 20217:00 amRNSSimiGon Re-awarded Blanket Purchase Agreement
9th Aug 20217:00 amRNSUSAF Extends SimiGon Inc. Support Contract
29th Jun 202111:05 amRNSPosting of Annual Report
15th Jun 202111:34 amRNSCourt Ruling in The Action for Prerogative Relief
28th Apr 20217:00 amRNSFinal Results
31st Mar 20217:00 amRNSTrading update
30th Dec 20202:44 pmRNSResult of AGM
21st Dec 20205:25 pmRNSHolding(s) in Company
23rd Nov 20204:46 pmRNSNotice of AGM
14th Oct 20204:49 pmRNSHolding(s) in Company
5th Oct 20208:15 amRNSSimiGon capitalize on investment in technology
25th Sep 20207:00 amRNSInterim Results
29th Jun 20207:00 amRNSPosting of Annual Report and Accounts
24th Jun 20204:40 pmRNSSecond Price Monitoring Extn
24th Jun 20204:35 pmRNSPrice Monitoring Extension
26th May 20207:00 amRNSSimiGon M&A team seeks strategic acquisitions
4th May 20207:00 amRNSUSAF extends SimiGon support contract
28th Apr 20207:00 amRNSFinal Results
16th Apr 20203:17 pmRNSResult of General Meeting
7th Apr 20203:57 pmRNSUpdate regarding forthcoming General Meeting
12th Mar 20201:00 pmRNSNotice of GM
9th Mar 20207:00 amRNSTrading Update
15th Jan 20207:00 amRNSNotice of Claim
30th Dec 20192:42 pmRNSResult of AGM
9th Dec 201912:32 pmRNSNotice of AGM - Replacement
2nd Dec 20199:32 amRNSSimiGon awarded $1.8m contract for C-130 VMT
22nd Nov 20197:00 amRNSNotice of AGM
7th Oct 20197:00 amRNSContract Win
30th Sep 20197:00 amRNSHalf-year Report
9th Sep 20197:00 amRNSContract Win
30th Aug 20197:00 amRNSExecutive Management & Directorate Change
22nd Aug 20197:00 amRNSSimigon awarded Blanket Purchase Agreement by USAF
12th Aug 20197:00 amRNSContract Win
12th Aug 20197:00 amRNSSuccessful Completion of Systems Delivery

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