Sarantel Group PLC Preliminary results
Sarantel Group PLC, a leading manufacturer of high-performance, miniature antennas for mobile and wireless devices, announces preliminary results for the year ended 30 September 2011.
Highlights:
- Group revenues improved during the second half of 2011 to £1.2m (H1: £1.0m)
- Non-recurring engineering revenues for product development grew by 141% for the year (2010: 46%)
- Operating costs reduced by 12% as a result of outsourcing efficiencies and cost reductions
- Several significant supply agreements secured during the year, with the largest order received to date from a leading military radio manufacturer
Geoff Shingles, Chairman, said: “2011 was a challenging year for Sarantel, owing to the impact of issues faced by some of our customers. Nevertheless, we were able to secure a number of significant supply agreements throughout the year and more recently secured our largest ever order which will have a substantial impact on the Group’s revenues and cashflow for 2012 and beyond.”
“The increasing use of location and navigation applications in everyday life means that our market opportunities continue to grow. We remain confident that Sarantel’s innovative technology has a bright future as users demand ever-higher performance from navigation and mobile devices.”
“As announced yesterday, Sarantel has agreed a £2m secured loan facility to provide additional working capital with support from a major customer and the Group’s Bank, with this now in place the outlook for Sarantel is increasingly positive.”