Training and simulation services provider Simigon Ltd continues to grow its revenues and profit.
In the six months to June 2014, revenues grew from $4.16m to $4.37m, while higher gross margins and lower admin expenses trebled profit to $671,000.
The prime contractor deal won last year continues to progress and the success of this contract should help Simigon to secure other prime contractor deals. The prime contractor deal helped to improve gross margins.
At 28.25p a share, Simigon is valued at £14m. The cash pile continues to grow and at the end of June 2014 it was $9.71m, excluding restricted cash of $374,000.
The business is first half weighted. House broker finnCap forecasts a full year profit of $1.1m, while a dividend of 6 cents a share is expected. The shares are trading on 20 times prospective 2014 earnings.
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