Simulation training systems supplier SimiGon Ltd lost money in 2017.
SimiGon says revenues were $4.3m, down from $6m in 2016, and the underlying net loss was $1.1m.
It took longer than expected to secure a contract with the Israel Air Force
There is also uncertainty about when to recognise revenues from a civilian training contract. This has been delivered but only partly paid for. This has reduced revenues by $700,000.
There is $7.6m in the bank. There is $5m of work expected to be delivered in 2018.
The full year figures will be published in April.
The share price fell 2p to 16p.
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