Earnings slips at Anite

Sharecast

LONDON (ShareCast) - - Full-year earnings slip
- Tough market conditions at Handset Testing business
- Current trading ahead of same period last year

Software (Xetra: 330400 - news) solutions provider Anite (LSE: AIE.L - news) reported a decline in full-year earnings after challenging market conditions in its Handset Testing business, but said earnings picked up towards the end of the financial year.

The wireless equipment tester and provider of management software to the travel sector said pre-tax profit fell to £14.9m for the year ended April 30th 2014 from £29.5m a year earlier. Diluted adjusted earnings per share dropped to 3.9p from 7.1p.

Revenue fell to £109.2m during the period from £113.1m a year earlier. Operating profit almost halved to £15.3m from £29.7m. The group posted an operating margin of 14% from 26%.

The group said current trading is ahead of the same period last year.

Chief Executive Christopher Humphrey said: "We are pleased to report that Anite had a strong finish to the financial year despite the challenging first half market conditions in the Handset Testing business. Second half trading improved progressively in Handset Testing with a good performance throughout the year by Network Testing.

"Since the start of the new financial year we have sold our Travel business which will enable us to focus on growth opportunities in the wireless market. We believe that with two well-positioned, complementary businesses and a strong balance sheet, Anite is entering an exciting new phase in its development."

Anite has recommended a final dividend 1.265p unchanged from the year before.

The group reported net cash of £6.1m compared to net debt of £0.9m in April 2013. The closing order book rose 14% to £30.9m.

Shares (Berlin: DI6.BE - news) of Anite fell 5.25% to 89.00 at 08:45 in London.


CJ (KSE: 001045.KS - news)

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