Anite profits down, current trading ahead

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Date: Friday 18 Jul 2008

LONDON (ShareCast) - Software solutions firm Anite saw profits for the year decline but said trading in the current year is ahead of the same period last year.

Pre-tax profit for the year fell to £15m from £23.3m in the same period last year on revenue that increased to £155.2m from £161.5m before.

The group said the results were whole attributable to the handset testing division of its Wireless business, which was affected by difficult market conditions during the year.

It said wireless revenues and profits were reduced despite a strong performance from its network testing (Nemo) unit and action was taken to restructure the handset business.

Travel performed strongly, with better than expected order intake, while Public Sector reported a good overall improvement in performance.

"Taking the seasonality of our business into account, the current year has had a satisfactory start with trading ahead of the same period last year,” said the group.

“Anite has a robust balance sheet, is cash generative and profitable across all its businesses, and has sound management and tight cost controls in place. This will help us withstand the current uncertain economic times,” he added.

Total dividend for the year was 0.875p versus 0.80p before.

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