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Trading Update

16 Jan 2018 07:00

RNS Number : 9466B
SimiGon Limited
16 January 2018
 

SimiGon Ltd

("SimiGon" or "the Company")

 

Pre-close trading 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 2017 (the "Period") ahead of announcing its final results for the Period in April 2018.

The Company expects, subject to customary year end and audit adjustments, to report revenue of approximately $4.3 million and an adjusted net loss of approximately $1.1 million for the Period. As set out in the Company's interim results, procedural delays in concluding the signatory processes over the significant contract with the Israeli Air Force were resolved later in the Period than expected, whilst the Company continued to invest in research and development making major advances in simulation streaming, graphic engine capabilities, and Training Management System infrastructure to further improve SIMbox technology and increase market penetration across military and civilian training markets. The Board consider that the Company is now well placed for the coming financial year and beyond.

The Company is in discussions with a particular customer in the civilian training market and its auditors to resolve an uncertainty regarding the level of revenue to be recognized arising from one significant contract which was delivered in full during the course of the Period and for which only partial payment has yet been received. The Board are taking a prudent approach at this stage by only recognizing approximately half of the revenue (and all costs) attributable to this contract and note that full recognition would increase the revenue and reduce the loss set out above by approximately $0.7 million.

The Company's balance sheet remains strong with more than $7.6 million of liquid cash as at 31 December 2017.

SimiGon President & CEO, Ami Vizer, commented: "While we are disappointed with the expected revenue for this Period, we are encouraged by the significant upside potential from a number of the contracts and business opportunities we are currently working on. We continued to execute our strategy for the underlying business, deliver project milestones for long term contracts and build our strategic position as a technology partner to our customers."

"With a $20 million backlog over the next ten years, approximately $5 million is expected to be delivered and recognized in 2018. Together with a healthy pipeline of opportunities, SimiGon has a strong foundation. This allows the Board to have an optimistic outlook and have confidence in the Company's ability to deliver growth over the long term."

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
 
 
TSTEAAFSFFSPEAF
Date   Source Headline
2nd Aug 20193:36 pmRNSHolding(s) in Company
1st Aug 20197:00 amRNSDirectorate Changes
25th Jul 20197:00 amRNSContract Win
18th Jul 20197:00 amRNSContract Win
28th Jun 20197:00 amRNSPosting of Annual Report and Accounts
29th Apr 20197:00 amRNSSimigon kick off reseach programme with the IAF
29th Apr 20197:00 amRNSFinal Results
24th Apr 20197:00 amRNSUSAF logistics support contract extension
18th Apr 20197:00 amRNSSimigon signs BPA with the US DoD
14th Mar 20197:00 amRNSExercise of Options
14th Feb 20197:00 amRNSContract Win
14th Feb 20197:00 amRNSTrading Update
19th Dec 20187:00 amRNSContract Win
7th Dec 20185:15 pmRNSResult of AGM
2nd Nov 201812:30 pmRNSNotice of AGM
15th Oct 20187:00 amRNSFurther Contract
12th Oct 20186:00 pmRNSTransaction in Own Shares-Replacement
10th Oct 20186:21 pmRNSTransaction in Own Shares
8th Oct 20187:00 amRNSContract Win
26th Sep 20187:00 amRNSContract Win
24th Sep 20187:00 amRNSHalf-year Report
7th Sep 20184:25 pmRNSTransaction in Own Shares
17th Aug 20181:40 pmRNSTransaction in Own Shares
26th Jun 20182:26 pmRNSPosting of Annual Report and Accounts
21st Jun 20188:00 amRNSFurther Contract
6th Jun 20187:00 amRNSTransaction in Own Shares
8th May 20187:00 amRNSUSAF technician training contract
23rd Apr 20187:00 amRNSFinal Results
17th Apr 20187:00 amRNSAppointment to the Board
5th Mar 20187:00 amRNSTransaction in Own Shares
19th Feb 20187:00 amRNSContract win
7th Feb 20187:00 amRNSSimiGon awarded additional USAF support contract
16th Jan 20187:00 amRNSTrading Update
13th Dec 20177:00 amRNSDirectorate Change
1st Dec 20177:00 amRNSShare buyback programme
17th Nov 20177:00 amRNSUpdate on Strategic Contract
25th Sep 20177:00 amRNSInterim Results
8th Sep 20172:48 pmRNSResult of AGM
4th Sep 20177:00 amRNSSimiGon secures FAA contract for UAS simulation
23rd Aug 20177:00 amRNSNotice of Results
4th Aug 201711:35 amRNSNotice of AGM
2nd Aug 20172:35 pmRNSHolding(s) in Company
28th Jul 20177:00 amRNSTrading Update
5th Jul 20177:00 amRNSCompletion of milestones for US$6.7m contract
14th Jun 20177:00 amRNSPosting of Annual Report and Accounts
11th Apr 20177:00 amRNSFinal Results
16th Feb 20177:00 amRNSTrading Statement
29th Dec 20163:12 pmRNSResult of AGM
24th Nov 20162:18 pmRNSNotice of AGM
5th Oct 20167:00 amRNSHolding(s) in Company

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