SimiGon Ltd says that it reduced last year’s underlying loss from $890,000 to $740,000 and there should be a further improvement this year.
The simulation services supplier increased revenues by 15% to $5m. The loss includes a $450,000 provision for a delayed payment.
SimiGon has won business from a European customer that will generate $900,000 over three years.
SimiGon has licence revenues spread over up to 12 years. That has held back short-term revenues but provides longer-term visibility.
The share price has fallen to a three year low of 12p.
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