Trading Update and Notice of Results

RNS Number : 7746G

Anite PLC

12 May 2014

 



For immediate release

 12 May 2014

Anite plc

Trading Update

Notice of Results

Anite plc ("Anite" or "the Group"), the leading provider of software solutions to the international wireless and leisure travel industries, announces a trading update for its financial year ended 30 April 2014.  Anite intends to issue its final results on 2 July 2014.

Trading update

Trading in the final quarter of the year was encouraging and reflected the improvement anticipated at the time of the third quarter IMS issued on 19 February 2014.  As a result, the Group expects to report full year revenue and adjusted¹ operating profit in line with expectations.  Cash generation in the second half was stronger than expected due to improved working capital management.  Group net cash at 30 April 2014 stood at £6.0m (31 October 2013; net debt of £6.0m).  

A strong final quarter ensured that Handset Testing achieved revenue in the second half broadly in line with the same period last year, as had been expected.  Trading in Handset Testing was positively impacted by a number of the specific technology and customer-related catalysts identified at the time of the Half Yearly Report in December.  This included the first significant benefits from the investments made in TD-LTE technology over the last few years.

Network Testing and Travel continued to perform well.  Both businesses had good final quarters and have achieved full year expectations. Within Network Testing there has been strong market demand, particularly in Asia Pacific.  Additionally, the Genetel acquisition, made in July 2013, has performed well following a successful integration.

Commenting, Christopher Humphrey, Chief Executive, said:

"The second half of the year has seen a progressive improvement in Handset Testing trading, as certain of the revenue catalysts we identified at the half year have started to bear fruit.  Market conditions for Handset Testing continue to make it difficult to predict the precise timing of orders; however we are more encouraged by prospects for Handset Testing for the first half of the new financial year compared to those experienced last year."

Anite Travel update

Following the statement made on 20 February 2014 regarding Anite Travel, the Board confirms that it continues to investigate a potential disposal.  There is no certainty that this process will result in a transaction, nor can there be any certainty of the value of any such transaction if it were to complete.  Further updates will be provided as and when appropriate.

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

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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  

 

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