Year End Trading Update

RNS Number : 5806G

Anite PLC

13 May 2011

 



13 May 2011

Anite plc

Year End Trading Update

Anite plc ("Anite" or "the Group"), the leading provider of software solutions to the international wireless and leisure travel industries, today announces a trading update for its financial year ended 30 April 2011. 

Following a strong close to the final month of the year, the Board now expects Group adjusted¹ operating profit to be around 10% ahead of current market consensus, on revenues that are well ahead.  This outturn will show strong growth compared to a relatively weak trading picture last year.

The outperformance has been driven by the Handset Testing business, with Network Testing performing in line with Board expectations.  The improvement in Handset Testing has come from strong demand for both 3G and LTE products, with LTE products accounting for 34% of Handset Testing revenues over the course of the year, compared to 12% in the previous financial year.  Travel has benefitted from the recently announced signing of the contract with TUI UK and as a result has performed broadly in line with Board expectations.

The year end financial position was robust.  Net cash as at 30 April 2011 was £27.7m (31 October 2010: net cash of £28.4m). The reported level of net cash is before taking account of the liability on the currency swap which, as previously announced, will be settled on 31 October 2011 for £21.6m.  The year end closing net cash is also stated after a £5.9m impact in the second half for shares purchased for the Employee Benefit Trust and for the cost of the acquisition of the Invex product line (announced on 10 January 2011). 

Anite intends issuing its final results for the year on 29 June 2011.

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

Commenting, Christopher Humphrey, Anite's Chief Executive said:

"Anite closed the financial year successfully, exceeding expectations.  Handset Testing in particular reported a strong final month with encouraging momentum for LTE product sales. 

"We have achieved a strong recovery in our Wireless division during the year and have recently signed an important new contract within the Travel division.  Going into the new financial year we are well positioned and optimistic about the opportunities we see for each of our businesses."

- Ends -

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

 

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