Interim Management Statement

RNS Number : 8357L

Anite PLC

16 August 2013

 



16 August 2013

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, announces its Interim Management Statement covering the first three months of its current financial year, from 1 May to 15 August 2013. 

First Quarter Trading and Financial Position

As predicted at the time of the Preliminary Results announcement on 2 July 2013, trading in the first quarter has been relatively quiet, reflecting the usual quarterly seasonality that the business traditionally experiences.  This has not changed our expectations for the full year.

Handset Testing, following a very strong close to last year, had a slow start to the current year.  Momentum in order intake has built over the course of the first quarter resulting in order intake slightly ahead of the same period last year.  However, the phasing of this and a relatively low opening product backlog at the start of the period meant that revenue and adjusted operating profit¹ in Handset Testing was down on the strong comparative period last year. 

Network Testing and Travel have both had strong first quarters with each achieving revenue and adjusted operating profit¹ well ahead of weak comparatives last year.  Network Testing has seen good underlying demand across its product range.  Travel has benefited from an uplift in implementation revenue and from the increase in recurring revenues that it reported in the second half of last year.   

Group net debt at 31 July 2013 was £4.0m (30 April 2013: net debt of £0.9m) with an outflow in the quarter in line with normal seasonal patterns.

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

Outlook

The Board's expectations for the full year are unchanged.

As a result of the slow start in Handset Testing, it is likely that first half revenue in that division will be similar to that achieved last year, with a consequential effect on its first half profitability given the extra overhead resulting from the acquisition of Propsim in January 2013.  Accordingly there will be a greater weighting to the Group's second half performance compared to last year.

Across the Group, and in particular in Handset Testing, the pipeline of opportunities for the rest of the year continues to build and is materially ahead of the same period last year.  The fundamental growth drivers for each of our businesses remain unchanged, we continue to invest in research and development and we are confident in the prospects for the Group.

Commenting, Christopher Humphrey, Chief Executive, said:

"Although the first quarter has proved to be relatively quiet for Handset Testing, our expectations for the year are unchanged albeit with a greater second half emphasis.  With strong order pipelines and fundamental growth drivers in place across all three businesses, we continue to be confident about Anite's prospects."

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A conference call for analysts will be held today at 8.30am.

Please contact Giles Robinson at MHP Communications on [e-mail] or on 020 3128 8788 for dial-in details.

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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