Business
Trading update & contract win
Trading update & contract win.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 0566G Sarantel Group PLC 06 May 2011 \n \n\n6 May 2011 \n \nSarantel Group PLC\n \nTrading update and major contract win\n \nSarantel Group PLC, (AIM: SLG, \"Sarantel\"), a leading manufacturer of high-performance, miniature antennas for mobile and wireless devices, announces a trading update for the six months to 31 March 2011 and a major contract win. \n \nAs announced on 18 February 2011, sales in the first half of this financial year were slower than expected. This was largely due to technical issues, unrelated to Sarantel's technology, experienced by two major customers. Both of these customers have now resolved their problems and have placed orders for revenue in the second half. \n \nFirst-half revenues were £1m (2010: £1.4m) with a net cash balance at 31 March 2011 of £0.4m and a further £166,000 tax credit received during April. \n \nExcluding the two major customers referred to above, GPS unit sales volume grew 3% and revenue by 1% while military unit sales volume increased by 52% and revenue by 26%. Development revenues grew by 185%. \n \nDespite the recent set backs, Sarantel continues to make very good progress with its military customers and is also in discussion with a number of large corporations about the use of its technology in consumer applications. \n \nAs evidence of its progress in the military market and largely as a result of the success of its previous contract program, Sarantel has been awarded a new major contract by a leading US supplier of tactical radio systems. This new contract is to develop a customised rugged GPS antenna solution for the US company's best-selling tactical radio system. Sarantel believes this contract will contribute more than $1 million in annual revenues beginning in early 2012. \n \nIn order to capitalise on recent successes and to build on the momentum in the business, the Board is currently seeking further funding for working capital and to finance future growth.\n \nEnquiries\n \n\n\n\n\nSarantel Group PLC\n\n\n01933 670 560\n\n\n\n\nDavid Wither, Chief Executive Officer \n\n\n\n\n\n\n\nNicola Malyon, Chief Financial Officer\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSeymour Pierce\n\n\n020 7107 8000\n\n\n\n\nJohn Cowie/Freddy Crossley, Nominated Adviser\nDavid Banks/Paul...