SimiGon narrows losses in 'successful' year

Training solutions outfit SimiGon expects to have narrowed losses in its recently wrapped up trading year.

SimiGon expects to record an adjusted net loss of roughly $740,000, narrowed from the $890,000 reported a year earlier, principally driven by a 15.3% increase in revenues to approximately $5m in the year ended 31 December.

The AIM-listed group said the key contributor to its loss was the recording of a "doubtful debt provision" of $450,000 related to delayed payment from a mystery customer.

Chief executive Ami Vizer said: "It has been a successful year for the company, underpinned by an expected 15% growth in revenue compared to last year, with strong system deliveries and contracts in multiple new domains, all while sustaining and growing our existing partner base.

"I believe that our strong technology, diverse global partner base, strong product installation base and growing market demand will translate to improved financial results in 2019 and beyond"

SimiGon also revealed it had expanded its long-term relationship with an unnamed existing European customer and had also signed multiple new contracts worth a total $850,000 to provide licences, maintenance and support services for the customer's simulation training centres.

As of 1200 GMT, Simon shares had picked up 2.04% to 12.50p.