Interim Management Statement

RNS Number : 4668R

Anite PLC

12 September 2014

 



For immediate release

12 September 2014

Anite plc

Interim Management Statement

Anite plc ("Anite" or "the Group"), the leading provider of software and hardware solutions to the international wireless market, today announces its Interim Management Statement covering the first four months of its current financial year, from 1 May 2014 to 11 September 2014.  Anite is also holding its Annual General Meeting later today.

Trading Update and Financial Position

Overall Group trading in the first quarter of the year was ahead of the same period last year as Handset Testing delivered better revenue and adjusted¹ operating profit compared to last year's disappointing start.  Trading since the end of the quarter has continued at similar levels.

As anticipated, despite continued tough market conditions, product orders in Handset Testing for the first quarter were materially up on what was a weak comparative period last year, leading to stronger revenues.  Demand from Asia Pacific has remained high, continuing the trends seen in the second half of last year.  Handset Testing has also benefited from the cost reduction actions taken at the end of last year.

Network Testing has had a slower start than last year with some market softness in North America, compounded by the translational currency effect of Sterling strengthening 6% compared to the Euro.  However, momentum for the business is picking up with an encouraging pipeline of opportunities.

Following the disposal of the Travel business on 29 May 2014, the Group's financial position remains very healthy, providing the financial resources to invest in growth opportunities.  Group Net Cash at 31 August 2014 was £49.1m (30 April 2014: £6.1m).  

¹ - Adjusted operating profit is defined as operating profit from continuing operations before share based payments, amortisation of acquired intangible assets and restructuring costs.

Outlook

Following this seasonally quiet quarter, the Board's expectations for the full year remain unchanged.

Both businesses are well placed to progress through the rest of the year.  Network Testing has the pipeline to continue to build its momentum, whilst in Handset Testing there are a number of technology and customer catalysts supporting on-going revenue expectations. 

Commenting, Christopher Humphrey, Chief Executive, said:

"I am encouraged by the start we have made to the year despite the challenging industry backdrop.  We have two well-positioned, complementary businesses and a strong balance sheet. Both businesses have good opportunities for the rest of the year and are well positioned to benefit from the investments we have recently made in product development."

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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 / Jack Holden  

 

END

 

 

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