Interim Management Statement
Anite PLC
10 March 2008
For immediate release Monday, 10 March 2008
Anite plc
Interim Management Statement
Anite plc ('Anite' or 'the Company'), the international software and solutions
company, today announces its second Interim Management Statement as required by
the FSA's Disclosure and Transparency rules, covering the period since 31
October 2007.
Trading
Anite announced its interim results for the six months ended 31 October 2007 on
17 December 2007. Trading in the period since 31 October 2007 has been in line
with the Board's expectations. As consistently reported, profitability* and
order intake as a whole tend to be dependent on the latter weeks of the half
year periods, and to the second half year in particular, reflecting normal
trading patterns in Anite's businesses, especially Wireless.
Within Wireless, Network Testing (Nemo) is performing strongly. The weakness
experienced in the first half by the Handset Testing business (principally with
clients in the USA) has continued. However, the partnership with Agilent is
making good progress and we expect that this, together with increasing momentum
by leading industry players with respect to the adoption of LTE, will benefit
the forthcoming financial year.
Travel continues to perform strongly with better than expected order intake.
@com customers continue to express their satisfaction with the product as we
progress development and implementations.
Within Public Sector, there has been a continuing improvement in underlying
profitability at Local Government, although market conditions have not improved.
In SIS, after a slow start, we are seeing a pick up in activity from police
authorities, a key target area, with increased interest in our own software
products.
*continuing operations before disposed businesses, share based payments,
amortisation of acquired intangible assets and exceptional costs (after interest
costs)
Financial position and share buy back
There has been no change in the Group's robust financial position since the half
year end. Net debt increased marginally reflecting seasonal working capital
trend, primarily in Public Sector whose annual maintenance payments are
collected in the last few weeks of the financial year.
This seasonal cash outflow was increased by the share buyback programme. 10.3
million shares have been bought back during the financial year to date and
cancelled at an average price of 49.5 pence per share for a total cost of £5.1m.
In addition, the Company has purchased 6m shares for the Company's Employee
Share Ownership Plan at an average price of 67 pence per share for a total cost
of £4m.
Commenting, Steve Rowley, Anite's Chief Executive said:
'The Board continues to expect performance for the financial year as a whole to
be broadly in line with last year, with trading being heavily dependent on the
last few weeks of the period.'
'We continue to work actively, with our advisors, to explore a variety of
strategic alternatives to remove or at least significantly reduce the scale of
the discount in the market valuation of our shares that reflects the ownership
of several businesses.'
- Ends -
Anite Group plc www.anite.com
Steve Rowley, Chief Executive 01753 804000
Christopher Humphrey, Group Finance Director
Smithfield 020 7360 4900
Reg Hoare/Tania Wild/Will Henderson
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Notes to editors
Anite is an international software and solutions company whose primary business
is the provision of industry-specific solutions based on its deep sector
knowledge of the wireless telecoms, public sector, and travel markets. These
solutions almost always include at their core the supply of Anite-owned software
products. The Group offers a comprehensive service to its customers, including
implementation, systems integration, maintenance and managed services, enabling
it to maximise customer satisfaction and financial returns.
Headquartered in the UK, the Group now employs around 1,300 staff across Europe,
America, and Asia Pacific. Anite solutions are recognised as market leaders in
their fields:
• all the leading global mobile phone manufacturers use Anite software;
• more than 400 public sector organisations, including all UK police
forces and 75% of local authorities use our solutions; and
• around 40% of UK package holiday bookings were made using Anite
software and managed services.
Wireless (formerly Telecoms)
Anite provides specialist systems and software for testing mobile phone handsets
and networks. Our customers are global technology developers, mobile phone
manufacturers, test houses and mobile phone operators.
Public Sector
Anite is a market leader in software and solutions to key parts of local
government, such as local tax collection, benefits payments, housing management
and social care solutions - as well as an important supplier of secure
information solutions (SIS) to the criminal justice markets.
Travel
Anite is the UK's leading travel technology solution providers for tour
operators, air fare consolidators, and cruise, ferry, motor and rail inclusive
operators in the UK and Europe.
This information is provided by RNS
The company news service from the London Stock Exchange