Interim Management Statement

RNS Number : 1442M

Anite PLC

13 September 2012

 



 13 September 2012

Anite plc

Interim Management Statement

Anite plc ("Anite" or "the Group"), the leading provider of software solutions to the international wireless and leisure travel industries, ahead of its Annual General Meeting being held later today, announces its Interim Management Statement covering the first four months of its current financial year, from 1 May to 12 September 2012. 

Overall trading in the first four months of the financial year has been encouraging.  Total Group revenue and adjusted operating profit¹ were ahead of a strong performance in the same period last year.  The current performance is consistent with achieving the Board's expectations for the year as a whole.

Handset Testing revenue and adjusted operating profit were ahead of the same period last year.  Last year included the benefit of an acceleration of a full year of orders into the first quarter by one large customer.   The year on year growth in revenue was driven in part by LTE 4G products which represented 50% of Handset Testing revenues in the first quarter, compared to 46% in Q1 last year.  Revenue from 2G/3G technologies also grew, due to continuing strong demand for Interoperability products.

Market conditions for the Network Testing business remain challenging, as reported at the time of the final results in July.  However, the business is seeing increasing demand for the Invex benchmarking product launched last year.  This resulted in order intake during the first four months being slightly ahead of the comparable period last year on a constant currency basis, providing confidence in our expectations for Network Testing.

Travel results in the first four months were in line with expectations. The business continues to benefit from its c.£90m contracted opening order book.  Progress continues to be made on the major implementations that it is contracted to deliver, and its pipeline of opportunities remains strong. 

Anite continues to report a robust financial position. Net cash as at 31 August 2012 was £13.3m (30 April 2012: net cash of £16.9m) with an outflow in the four months in line with normal seasonal patterns.

¹  Adjusted operating profit is defined as operating profit for continuing operations before share based payments, amortisation of acquired intangible assets, restructuring costs, other gains and losses and recycled hedge losses. 

Commenting, Christopher Humphrey, Chief Executive, said:

"Each of our businesses is benefiting from the investments we continue to make in our products.  The nature of our Wireless businesses means that order visibility remains short.  However, this encouraging start to the year underpins our confidence in our ability to deliver sustainable growth and meet our expectations."

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Anite plc	www.anite.com
Christopher Humphrey, Chief Executive	01252 775200
Richard Amos, Group Finance Director
MHP Communications	020 3128 8100
Reg Hoare / Giles Robinson

 

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