News blog
Flomerics
- BY: Andrew Hore |
- POSTED: 27/05/2008 |
Flomerics reports strong first quarter trading.
The electronics simulation software provider says revenues from continuing operations were 42% higher at £3.65m in the three months to March 2008. Profits before amortisation and share based payments in the same quarter were £342,000, compared with a £740,000 loss in the first quarter of 2007. Flomerics normally loses money in the first half so this is an unusually strong start to the year. The newer software activities appear to have helped to reduce the seasonality of revenues.
The cash balance has nearly doubled to £5.9m.
This information has been released in order to help Flomerics fight off the 104p a share bid from Mentor Graphics, which owns 29.8% of the company. Talks with other potential bidders continue and the company’s response to Metnor’s offer document is due shortly.
The shares rose 5.5p to 107.5p.
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