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SimiGon Ltd

  • BY: Andrew Hore |
  • POSTED: 28/04/2013 |

Training and simulation services provider SimiGon Ltd is successfully diversifying its revenues and made its first significant sales in the oil and gas sector. 

Sales in the defence and aerospace sectors are also continuing to grow and their geographical spread is widening with the first order in South America.

In 2012, revenues improved from $5.48m to $6.81m, while profit almost doubled from $350,000 to $692,000 even though interest income was lower. The underlying profit was $800,000. This was achieved even though R&D spending was increased from $1.68m to $2.16m. Other overheads were lower. The move to prime contractor status in the defence sector has hit gross margins.

The balance sheet remains strong with low debtors. Cash was $7.11m at the end of 2012.

At 21p a share, SimiGon is valued at 9.9m.

Long-term contracts with the UK and US military provide a good base for 2013. A contract has been won from the US Air Force for the training of remote piloted aircraft students since the start of the year. House broker finnCap forecasts a 2013 profit of $1m. The shares are trading on 15 times prospective 2013 earnings.

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