Half Year Trading Update

RNS Number : 7135Q

Anite PLC

09 November 2012

 



                                                                                                                                  9 November 2012

Anite plc

Half Year 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, today issues a trading update for the six months ended 31 October 2012.  Anite intends to announce its half yearly report for the period on Tuesday, 4 December 2012.

Overall trading conditions for the Group in the first half have been encouraging, with Group revenue and adjusted¹ operating profit performance ahead of last year and in line with the Board's expectations.

Handset Testing had a good first half, in line with expectations, achieving healthy double digit revenue and profit growth when compared with the exceptionally strong comparative results for the same period in 2011.  Strong demand for Interoperability Testing and LTE products has been a feature of the first half.

In underlying constant currency terms, Network Testing generated increased profit on revenue in line with the same period last year, despite being impacted by difficult market conditions in the early part of the period.  Translation of the underlying euro denominated results back into sterling was however impacted by a 9% weakening in the euro compared to the same period last year. 

Travel continued to trade in line with the Board's expectations during the first half of the year, with an encouraging albeit small improvement in trading performance.

Growth in Group adjusted profit before taxation has also been aided by lower finance charges in the first half of the year following the settlement of outstanding term loans in November 2011. 

Net cash at 31 October 2012 was £16.8m (30 April 2012: £16.9m; 31 October 2011: £12.6m) with cash flow performance consistent with usual seasonal patterns. The final dividend of 1.125p was paid to shareholders on 23 October 2012 at a cost of £3.2m.

Group trading is typically biased towards the second half and our Wireless businesses continue to operate with short sales pipeline visibility.  However, based on first half performance, recent trends and the existing pipeline of potential opportunities, the Board remains confident of the Group's ability to meet its expectations for the full year. 

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 on recent trading and outlook, Christopher Humphrey, Chief Executive, said:

"The Group has had a good first half. Reflecting their strong market positions, each of our businesses is making good progress despite the macro-economic climate.  We enter the second half encouraged by the opportunities we see in our pipeline and confident in our ability to deliver sustainable growth."

- Ends -

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

 

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