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SimiGon posts annual loss as sales slide 34%
StockMarketWire.com
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Simulation and training solutions group SimiGon posted a full-year loss as the Covid-19 pandemic disrupted project work.
Pre-tax losses for the year through December amounted to £2.18 million, compared to year-on-year losses of £1.45 million. Revenue fell 34% to $3.22 million.
SimiGon said the fall in sales reflected slower progress in delivering against project milestones due to Covid-19 restrictions and limitations on securing expected new business wins.
'SimiGon has worked through multiple challenges presented by the Covid-19 global pandemic, delaying numerous expected contracts and subcontracts in 2020 for SimiGon's core business supporting military aircrew training,' executive chairman Ami Vizer said.
'We have continued to meet programme deliveries and received additional program work while improving revenue during the second half of the year.'
'We are currently encouraged by the changes in the simulation and training environment, where ongoing programs that were delayed due to the pandemic are returning to the fold and programs that have been postponed are back on the agenda.'
At 9:10am: (LON:SIM) SimiGon Ltd share price was 0p at 6.25p
Story provided by StockMarketWire.com
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