Result of AGM

Monday, 22 December 2014

The Company announces that at its Annual General Meeting held earlier today, all resolutions proposed were duly passed.

View complete announcement on London Stock Exchange Website


Notice of AGM

Friday, 14 November 2014

SimiGon today announces that the Annual General Meeting of the Company is to be held at 9:00 a.m. Eastern Standard Time (2:00 p.m. GMT) on Monday 22 December 2014 at 7001 University Blvd. Winter Park, FL 32792, USA (the "Meeting").

The Notice of Annual General Meeting (the "Notice") will be mailed to shareholders at the close of business on Thursday, 20 November, 2014 and an electronic copy of the Notice of Annual General Meeting is available at the Company's website.

A shareholder, who would like to attend the meeting in person or join via conference call using the dial-in details below, should follow the instructions as specified in the Notice of Annual General Meeting.

International dial-in number: +1 712 432 1620

Access code: 888780#


Exercise of Options

Tuesday, 11 November 2014

The Company announces that, further to the exercise of options by Mr. Ami Vizer (director and chief executive officer of the Company) and a former employee, application has been made for 577,555 new ordinary shares of 0.01 NIS each in the Company ("Ordinary Shares") to be admitted to trading on AIM ("Admission") including 527,554 Ordinary Shares to Mr. Ami Vizer.

Pursuant to the issue of the new Ordinary Shares, Mr. Ami Vizer has a beneficial interest in 10,464,184 Ordinary Shares, representing 20.9 per cent. of the total issued share capital of the Company.

The new Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares and Admission is expected to become effective on 14 November 2014. Following this issue of new Ordinary Shares, the Company has 50,079,690 Ordinary Shares in issue and holds none in treasury. Accordingly, the total number of voting rights in the Company is 50,079,690.

View complete announcement on London Stock Exchange Website

SimiGon technology selected by University of Central Florida

Tuesday, 07 October 2014

SIMbox technology will be used to advance research capabilities for leading university

SimiGon (LSE: SIM), a global leader in providing simulation training solutions, is pleased to announce that its SIMbox technology has been selected by the University of Central Florida (UCF), one of the largest universities in the U.S and an internationally recognised academic leader in the field of modeling, simulation and training.

UCF is the first university to select SimiGon's technology and the agreement marks a further expansion of SimiGon's customer base following February's move into the Chinese civil aviation market, a new sector and region for the Company.

SimiGon's technology will be utilised by UCF's Industrial Engineering and Management Systems (IEMS) Simulation Interoperability Lab in a simulation test-bed environment. UCF will tailor and adapt SIMbox to fit programme requirements, demonstrating the flexibility of SimiGon's technology which is capable of meeting rigorous and diverse simulation development requirements. In addition, the new link-up will enable SimiGon to draw on the expertise of one of the top research universities in the U.S.

Dr. Gene Lee, Professor at UCF IEMS, said, "We chose SIMbox for its ability to develop, support and manage air, land and sea simulation entities and scenarios and its ability to quickly integrate with other solutions. They are a renowned supplier of training and simulation technologies for some of the world's largest training programmes and SimiGon's technology will greatly enhance our simulation environment and research capabilities."

SimiGon President & CEO, Ami Vizer, said, "For our technology to be selected as a development platform by UCF, one of the largest universities in the U.S., and recognised as the academic leader in the Modeling and Simulation world, is further testimony to the strength of the SIMbox ecosystem we have continually developed and adapted. We look forward to supporting UCF research programs and leveraging this relationship to continue to develop and improve our advanced simulation development technologies."

View complete announcement on London Stock Exchange Website

Interim Results for the six months ended 30 June 2014

Monday, 15 September 2014

Continued growth in revenues and net profit

SimiGon Ltd, a global leader in providing simulation solutions, announces its interim results for the six months ended 30 June 2014.

Financial Highlights

Operational Highlights

Post period-end events

Ami Vizer, Chief Executive Officer of SimiGon, said: "We are pleased to report that SimiGon continues to deliver strong growth in revenue and profitability as a result of achieving milestones set out in our growth strategy. We have cemented our position as a prime contractor for major, long term simulation training programmes, expanded into new territories and diversified our offer. We are pleased with the good performance in the first half which reflected sales from the successful delivery of key projects and our expansion into the civil aviation market in China.

"Looking ahead, SimiGon has excellent revenue visibility based on our long term contracts and a strong order book in place. As a result the board enters the second half with increasing confidence of delivering continued year-on-year growth for full year 2014."

Enquiries:

SimiGon Ltd
Ami Vizer, Chief Executive Officer
Efi Manea, Chief Financial Officer
www.simigon.com

Tel: +1 (407) 951 5548

finnCap (NOMAD & Broker)
Stuart Andrews / Henrik Persson

Tel: +44 (0) 207 220 0500

Luther Pendragon (Public Relations)
Harry Chathli / Alexis Gore / Oliver Hibberd

Tel: + 44 (0) 207 618 9100

Overview

SimiGon is pleased to report its seventh consecutive period of revenue growth and increased profitability. The first half of 2014 has seen revenues increase by 5% to $4.37 million (H1 2013: $4.16 million) with increase in the net profit of 205% to $0.67 million as compared to $0.22 million in H1 2013.

This continued success in the first half of 2014 has come from expansion in to new territories, long-term contracts, that continue to progress well, and a successful transition to become prime contractor. Continued growth across markets and verticals, and ongoing determination to deliver precisely on schedule and to clients' specifications, serves to further enhance SimiGon's reputation and cement its positionas a leading supplier of training and simulation technologies for the world's largest military flight training programmes.

The Company has continued to concentrate on its ability to secure further contracts in the role of prime contractor. Being a prime contractor enabled SimiGon to target and win significantly larger and more lucrative contracts than was previously possible. It has also given the Company a direct relationship with the end customer, agreater share of project revenues and profit, and greater potential for further deals with the same customer.

The combined effect of the above is that the Company is confident in its continuing ability to secure new revenue projects and its business development prospects remain strong. To facilitate the Company's growth and expansion, while also ensuring the high quality and delivery targets demanded by customers are maintained, SimiGon will invest in increasing the number and talent within its workforce.

The Board remains confident that its strategy will provide continuing growth in both the short term and longer term.

Operational Review

SimiGon continues to deliver on all its major contracts, a key focus for the Company in the first half of 2014. This success has further cemented the Company's leading position as a proven provider of simulation training solutions. In addition the first half saw SimiGon expand its geographic footprint, enter the large and potentially very lucrative civil aviation market, and expand its customer base.

Delivery of major contract as prime contractor

SimiGon announced in June 2013 that it had signed a contract valued at $6.7 million of a major training program. This contract opened up a new geographical region and was a milestone contract for the Company both in terms of the value of the order and the scope of its requirements.

SimiGon is successfully delivering its training systems and meeting its contracted key milestones. The Company expects that its good performance will put SimiGon in a good position to be selected for potential subsequent phases of the programme.

Expansion into Chinese civil aviation market

In February, SimiGon revealed that it had expanded on its core growth strategy and entered the Chinese civil aviation market in a joint venture (JV) agreement with a leading aviation services company based in China.

The agreement, which is initially valued at $0.75 million, involves the creation of a new entity dedicated to develop its own training solutions using SimiGon's SIMbox licenses.

A move into the civil aviation market has been a long term strategic goal for SimiGon and with China's position as the fastest growing aviation marker in the world, the JV provided an ideal platform for SimiGon to enter this attractive growth sector and region.

New contract wins

As announced in September 2014, SimiGon signed a new license agreement with Corporacion de Alta Tecnologia para la Defensa (Codaltec), a leading Latin American high-technology corporation.

Codaltec was formed in August 2012 by the Colombian Government to meet the defense sector's needs, including training and simulation for their armed forces. As a result of the successful delivery and performance of SimiGon's systems, Codaltec has agreed to extend the agreement and purchase additional SimiGon software licenses to support its numerous training programs.

The partnership demonstrates how companies can adopt SimiGon's technology to enhance their offering by rapidly delivering a higher quality training and simulation solution for their customers. It is a major endorsement for SimiGon and a milestone in the Company's relationship with Codaltec that the scope of the initial agreement has been expanded.

SimiGon have been working with a major existing European customer since September 2009 and continued to strengthen this relationship in August 2014 when it announced a three year agreement valued at $0.8 million to provide additional maintenance and support services for the customer's simulation training centers.

Long term contracts

The Company has a large number of long term partnerships that it continues to develop and deliver, providing good revenue visibility going forward. Many of its long term projects are expected to expand with clients purchasing further licenses throughout 2014 and 2015.

Highlighting the longevity of SimiGon's partnerships, the Company is now in its seventh year supporting Lockheed Martin's JSF training program and agreed additional licenses and ongoing maintenance support agreements as part of its ongoing long term partnership.

SimiGon is also in its sixth year supporting Lockheed Martin's UKMFTS and continues to work with AETC, a relationship which began in late 2011, to support and maintain all of the T-6A Modular Training Devices used in the training of all Remote Piloted Aircraft students.

SimiGon continues to successfully deliver on its exclusive contract with Check-6 Inc., one of the leading providers of training solutions to the energy and mining industries. Throughout this contract SimiGon has exceeded customer expectations in both the execution and performance of its systems. As a result, the Company remains confident that following successful delivery the possibility remains to extend the partnership with additional agreements.

Financial Performance

Revenues for the six months ended 30 June 2014 were $4.37 million as compared to $4.16 million for the six months ended 30 June 2013, reflecting an increase of 5%. Gross profit for the six months ended 30 June 2014 was $3.21 million, as compared to $2.7 million for the six months ended 30 June 2013. Accordingly, gross margins increase to 73% for the six months ended 30 June 2014 as compared to 65% for the six months ended 30 June 2013.

Net profit for the six months ended 30 June 2014 improved by 205% to $0.67 million as compared to $0.22 million for the six months ended 30 June 2013.

Total operating expenses for the six months ended 30 June 2014 increased by 4% to $2.53 million (H1 2013: $2.43 million). Research and development expenses for the six months ended 30 June 2014 were $1.13 million as compared to $1.12 million for the six months ended 30 June 2013. Marketing expenses for the six months ended 30 June 2014 decreased by 2% to $0.83 million as compared to $0.85 million for the six months ended 30 June 2013 and general and administration expenses for the six months ended 30 June 2014 were $0.58 million as compared to $0.45 million the six months ended 30 June 2013.

Operating income for the six months ended 30 June 2014 amounted to $0.67 million, significantly improving upon performance for the six months ended 30 June 2013. This resulted in a net basic and diluted earnings per share of $0.014 (H1 2013: Basic and diluted earnings per share of $0.005).

The net financial expenses and income for the six months ended 30 June 2014 decrease to $0.003 as compared to financial expenses of $0.051 million for the six months ended 30 June 2013 mainly due income from interest and currency exchange rate movements.

The Company's cash and equivalent balances, including restricted cash recorded, to insure future project performance, increased by 18% to a total of $10.09 million as at 30 June 2014 as compared to $8.52 million as at 30 June 2013 and by 12% as compared to $9.02 million as at 31 December 2013: with no outstanding bank debt.

In light of the strong cash position and its confidence in continued strong cash generation the Board decided to commence the payment of annual dividends at the Company's full year results. As a result, a maiden dividend was paid to shareholders in May 2014 at a value of 0.543 cents per share.

Outlook

SimiGon continues to deliver strong growth in revenue and profitability as a result of achieving milestones set out in our growth strategy. The Company has cemented its position as a prime contractor for major, long term simulation training programmes, expanded into new territories and diversified its offer.

SimiGon has excellent revenue visibility based on our long term contracts and a strong forward order book greater than $10 million to be recognised in future accounting periods. As a result the board enters the second half with increasing confidence of delivering continued year-on-year growth for full year 2014.

View complete announcement on London Stock Exchange Website

SimiGon signs license contract with leading Latin American training and simulation group

Wednesday, 03 September 2014

SimiGon (LSE: SIM), a global leader in providing simulation training solutions, is pleased to announce that is has signed a new license agreement with Corporacion de Alta Tecnologia para la Defensa (Codaltec), a leading Colombian high technology corporation. SimiGon consider this a major endorsement for its technology and delivery capabilities.

Codaltec was formed in August 2012 by the Colombian government to meet the defense sector's needs, including training and simulation. SimiGon provided the new corporation with its SIMbox training and simulation technology platform. As a result of the successful delivery and performance of SimiGon's systems, Codaltec has agreed to purchase additional SimiGon software licenses to support its numerous training programs. The value of this contract does not change the Company's expectations for the year ended 31 December 2014.

Under the terms of the original contract, SimiGon delivered a wide range of SIMbox development training courses and on-the-job training, forming the backbone of Codaltec's simulation development programmes. Based on this support, SimiGon partners develop their own SIMbox-based training and simulation content to support training of its customers.

Codaltec is partially owned by the Colombian Government and provides, amongst other high-tech projects, advanced training and simulation systems for their armed forces. Based on the numerous projects that it has already developed or is in the process of developing for its customers, Codaltec is already one of the largest and most successful groups utilizing SimiGon's SIMbox training and simulation software platform.

Julio Gonzalez, Codaltec's Chief Executive Officer, stated: "We are committed to delivering the best advanced training systems for our customers. SimiGon's technology provides the strong and flexible solution our development team needs to fulfill a variety of different training requirements. We look forward to extending our relationship with SimiGon and building a long term relationship with them."

SimiGon President & CEO, Ami Vizer, said, "We are very proud of Codaltec's successful delivery of multiple SIMbox-based training systems for its diverse end users. This partnership demonstrates how companies can adopt SimiGon's technology to enhance their offering by rapidly delivering a higher quality training and simulation solution for their customers. It is a major endorsement for SimiGon and a milestone in our relationship with Codaltec that we are now expanding the scope of our initial agreement with them."

View complete announcement on London Stock Exchange Website

Notice of Results

Tuesday, 26 August 2014

SimiGon, a global leader in providing simulation solutions, will announce the Company's interim results for the six months ended 30 June 2014 on Monday, 15 September 2014.

View complete announcement on London Stock Exchange Website

SimiGon awarded additional three year contract with key European customer

Tuesday, 19 August 2014

SimiGon Limited (LSE: SIM), a global leader in providing simulation training solutions, is pleased to announce that it has signed a three year agreement, commencing immediately, to provide additional maintenance and support services for the simulation training centers of a major existing European customer.

The contract, valued at a total of $0.8 million, will contribute to improved revenue visibility over the period of the contract. The two companies have been working together since 2009.

Under the terms of the agreement, SimiGon will provide a SIMbox update for a new version of its customer's aircraft as well as support and warranty for the next three years to its clients Academic Training Centers ("ATC") and internal development labs. The ATC sites include Simulation Based Trainers ("SBT"), based on SimiGon's technology, which enable the end user to save time and money and enhance pilots' training.

SimiGon President and CEO, Ami Vizer, said: "SimiGon's ongoing relationship with this key strategic partner continues to develop and grow stronger. This three year agreement is a further validation of our technology and ability to provide a cost effective solution that suits the clients' needs for better training solutions. The trust in SimiGon's solutions shows that it is becoming a permanent fixture of many organisations training programmes."

The SBT solution, based on SimiGon's SIMbox simulation and training technology platform, is playing an integral role in the customer's training centers. SIMbox, as the baseline training system, enables flight cadets to successfully surmount the numerous challenges of learning to operate and fly the aircraft. This is in line with the trend for advanced, highly interactive, cost-effective training solutions that reduce the cost of real flights and flight instructor hours.

View complete announcement on London Stock Exchange Website

Posting Annual Report and Accounts

Monday, 16 June 2014

SimiGon announces that its Annual Report and Accounts for the year ended 31 December 2013 has today been posted to shareholders. An electronic copy of the Annual Report and Accounts is also available on the Company's website:
SimiGon 2013 Annual Report

View complete announcement on London Stock Exchange Website

Directors' dealings

Sunday, 15 June 2014

The Company is pleased to announce that, in order to satisfy market demand and broaden the shareholder base of the Company, Ami Vizer, chief executive officer of the Company, yesterday sold 128,826 ordinary shares of the Company at a price of 30.845 pence per ordinary share alongside certain other founder shareholders of the Company who have also sold a proportion of their holdings.

Following his sale, Mr Vizer remains beneficially interested in 9,936,630 Ordinary Shares, representing approximately 20.1 per cent. of the total issued share capital of the Company.

View complete announcement on London Stock Exchange Website

Exercise of Options

Tuesday, 20 May 2014

The Company announces that, further to the exercise of options by a former employee, application has been made for 15,500 new ordinary shares of 0.01 NIS each in the Company ("Ordinary Shares") to be admitted to trading on AIM ("Admission").

The new Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares and Admission is expected to become effective on 2 June 2014. Following this issue of new Ordinary Shares, the Company has 49,502,135 Ordinary Shares in issue and holds none in treasury. Accordingly, the total number of voting rights in the Company is 49,502,135.

View complete announcement on London Stock Exchange Website

Exercise of Options

Wednesday, 30 April 2014

The Company announces that, further to the exercise of options by senior management and employees, application has been made for 2,193,929 new ordinary shares of 0.01 NIS each in the Company ("Ordinary Shares") to be admitted to trading on AIM ("Admission").

A total of 1,832,756 Ordinary Shares relate to options exercised by Mr. Ami Vizer and Mr. Efraim Manea (both directors of the Company). Mr. Ami Vizer and Mr. Efraim Manea resulting beneficial interest is 10,065,456 and 284,346 Ordinary Shares; respectively, representing 20.34 per cent. and 0.57 per cent. of the total issued share capital of the Company.

The new Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares, including ranking for the dividend declared on 28 April 2014 and Admission is expected to become effective on 7 May 2014. Following this issue of new Ordinary Shares, the Company has 49,486,635 Ordinary Shares in issue and holds none in treasury. Accordingly, the total number of voting rights in the Company is 49,486,635.

View complete announcement on London Stock Exchange Website

Audited accounts available on website

Wednesday, 30 April 2014

The Company announces that its audited accounts for the year ended 31 December 2013 are available on its website and will be posted to shareholders together with the Company's Annual Report and Accounts in due course.

View complete announcement on London Stock Exchange Website

Audited full year results and maiden dividend declaration

Monday, 28 April 2014

SimiGon, a global leader in providing simulation solutions, is pleased to announce its audited full year results for the year ended 31 December 2013.

Financial Highlights

Operational Highlights

New major contract:

Delivering on all long term contracts:

Post period-end events:

Ami Vizer, Chief Executive Officer of SimiGon, stated: "We are delighted to announce another year of strong revenue growth and increased profits. 2013 saw SimiGon expand into new territories, secure significant new contracts and further cement our role as a prime contractor as we continued to provide a highly valued solution to our customers.

"Looking ahead, we will continue to leverage our leading position and our improved global footprint to build new partnerships, expand our customer base, and target even larger contracts. 2014 has begun positively with strong demand for our solutions and a robust pipeline of exciting new opportunities. In addition, we are encouraged by our first foray in to the civil aviation market in China, the world's fastest growing aviation market. As a result of our strong progress, we view the future with confidence as demonstrated by the Company's maiden dividend."

Enquiries:

SimiGon Ltd
Ami Vizer, Chief Executive Officer
Efi Manea, Chief Financial Officer
www.simigon.com


Tel: +1 (407) 737 7722

finnCap (NOMAD & Broker)
Stuart Andrews / Henrik Persson


Tel: +44 (0) 207 220 0500

Luther Pendragon (Public Relations)
Harry Chathli / Alexis Gore / Oliver Hibberd


Tel: + 44 (0) 207 618 9100

Overview

SimiGon is pleased to report another year of strong revenue and profit growth in 2013, both as a result of significant new business being won within the period, and an increase in recurring revenues from existing strategic partners. Revenues increased 20% to $8.17 million (2012: $6.81 million), resulting in a $0.9 million net profit (2012: $0.71 million).

The management's strategic decision to align itself with some of the largest global simulation and training projects in the world and move up in the supply chain to become a prime contractor is bearing fruit as evidenced by the positive results in 2013. Consequently, the Company is encouraged by being able to target significantly larger contracts, such as the $6.7 million contract that the Company was pleased to announce in June 2013.

As stated at the time of the interim results, the successful transition to becoming a prime contractor involves an increase in hardware sales alongside SimiGon's software which affects its margins. As expected margins improved in the second half following the successful deployment of the hardware systems in the first half and were 75% for the full year compared with 80% last year, which the Company continues to believe remain higher than the sector average.

The strategy, foundations and combination of new and extended contracts have now been established, the Company's reputation in the market has been enhanced, and the Company now believes it now has an ideal platform for growth in both the short and long term.

Operational Review

2013 saw SimiGon take another significant step forward in cementing its position as the provider of choice for large simulation training programs. The Company has continued to deliver upon its long term contracts on time and on budget, often exceeding customer expectations in both the execution of delivery and performance of its systems, enhancing the Company's chances of extensions being agreed.

The Company is particularly pleased, in June 2013, to have secured a $6.7 million contract to provide, as a prime contractor, a SIMbox training solution and delivery upon this contract has progressed well with a number of milestones already reached.

Being prime contractor gives the Company a direct relationship with the customer, further secures us with increased visibility of long term revenues and opens up new and potentially significantly larger opportunities with customers. Positioning SimiGon in this way puts the company in the window for some of the largest simulation training contracts in the world and the Company is now targeting contracts far larger than had previously been possible.

Furthermore, SimiGon has continued to enhance its prospects for securing new contracts by further diversifying its product offering and entering new markets as demonstrated by the move into the rapidly growing civil aviation market in China.

Cementing role as prime contractor

In June 2013 the Company secured one of the largest contracts in its history, valued at $6.7m and expected to be delivered over an 18 month period, and thereby also opened up a major new geographical region for SimiGon. The Company has already begun to deliver upon this contract, which comprises Phase I of the customer's program, and believes there remains potential for similar contracts with this customer in potential subsequent phases.

Long-term contracts

The Company is pleased to have continued to develop and further a number of long-term relationships during the year, with certain particular relationships described further below:

SimiGon continues to successfully deliver upon its exclusive contract, signed in October 2011, with Check-6 Inc., one of the leading providers of training solutions to the energy and mining industries, for the provision and delivery of SIMbox based training solutions.

SimiGon maintains its close relationship with a major existing European customer that it has been working with since 2009. Following additional orders, received during 2013, the Company is confident that this relationship will continue and lead to additional orders in the future. 

In late 2011, SimiGon was selected as prime contractor for AETC for the delivery of SIMbox based T-6A Modular Training Devices. After the successful delivery of the initial phase, this agreement was subsequently extended in July 2013 as SimiGon secured an additional contract from AETC to support and maintain all of the T-6A Modular Training Devices used in the training of all Remote Piloted Aircraft students. This specific contract is valued over an 18 month period and further evidence of the long term nature of the relationship with this valued partner.

In addition to its longstanding relationship with AETC, SimiGon is now in its sixth year supporting Lockheed Martin's JSF training program a contract that has consistently been delivered on time and on budget.

SimiGon is also in its fifth year supporting the UK Military Flying Training System. The Company has continued to deliver upon this long term contract, often exceeding customer expectations in both the execution of delivery and performance of its systems.

SimiGon continues to provide successful solutions for Unmanned Aerial Vehicle (UAV) training for a leading provider in the small tactical unmanned aircraft systems. Through SimiGon's ecosystem of partners worldwide, the Company's technology is used to support initial operator training in classrooms as well as advanced operational training. SimiGon continues to increase its footprint in the growing UAV market.

Maiden dividend declaration

In light of the strong cash position and its confidence in continued strong cash generation, the Board intends to pay a maiden dividend of 0.543 cents per share.

The Company remains keen to reinvest its strong organic cash flow from existing operations into the growth of the business. The directors recognise, however, the importance of a cash dividend to certain shareholders and potential investors and have therefore decided to commence the payment of annual dividends, equating to approximately 30% from the Company's earnings per share and to approximately 30% of the Company's net profit, and subject to the Board believing that it is prudent to do so. The dividend will be payable on Friday, 30 May 2014. The record date of payment of the dividend will be Friday 9 May 2014. The ex-dividend date will be Wednesday 7 May 2014.

According to the Israeli tax ordinance and regulations, the dividend payment will be subject to 25% withholding at source unless reduced by a relevant tax treaty. In this regard, shareholders, who have a tax withholding exemption or reduced withholding tax rate from dividend payments obtained from by Israeli Tax Authorities, should present and deliver it to the Company, together with the contact details of their stock broker, no later than the end of the business day of Tuesday, 6 May 2014.

Financial Performance

Revenue for the year ended 31 December 2013 was $8.17 million, compared to $6.81 million in 2012, reflecting increase of 20%. In terms of regional breakdown, 62% of SimiGon's revenues came from North America (2012: 72%), 17% from Europe and the Middle East (2012: 25%) and 21% from the Far East (2012: 2%).

Net profit for the fiscal year increased by 27% to $0.9 million (2012: profit of $0.71 million).

Total operating expenses for the year increased by 8% to $5.1 million (2012: $4.73 million). Research and development expenses increased to $2.40 million (2012: $2.15 million) mainly due currency exchange rates between the NIS and the USD and the investment made in recruiting new research and development employees. Sales and marketing expenses increased by 5% to $1.65 million (2012: $1.57 million) and general and administration expenses increased to $1.05 million (2012: $1.02 million).

The operating profit therefore is $1.0 million (2012: $0.71 million) and the net profit is $0.9 million in 2013 compared to net profit of $0.71 million in 2012. This resulted in a net basic and diluted earnings per share of $0.02 (2012: Basic and diluted earnings per share of $0.02).

SimiGon generated positive cash flow from operations of $1.93 million in 2013 resulting in the Company having cash, cash equivalents and deposits totaling $8.61 million as of 31 December 2013 (31 December 2012: $7.11 million) with no outstanding bank debt.

Outlook

SimiGon's successful transition to becoming a prime contractor, its robust pipeline of new opportunities and increasingly strong financial position strengthens the Board's confidence in the Company's long term prospects as demonstrated by the Company's maiden dividend declaration. 

The positive momentum seen in 2013 has been maintained at the start of 2014 and as a result the Company expects to see continued growth in revenues and profit in 2014.

View complete announcement on London Stock Exchange Website

SimiGon selected among the 20 most promising Aerospace Tech Solution Providers

Thursday, 17 April 2014

SimiGon identified as one to watch by leading US technology magazine

SimiGon (LSE: SIM), a global leader in providing simulation training solutions, is pleased to announce that it has been selected by CIO Review magazine as one of the "20 Most Promising Aerospace Tech Solution Providers 2014", an annual listing of the top 20 companies at the forefront of tackling Aerospace Technology challenges and impacting the marketplace.

SimiGon, the only training and learning solutions provider selected, was awarded this prestigious accolade following a rigorous selection process by the CIO Review's editorial research team. During the selection process CIO Review analysed 100s of companies that are at the forefront of tackling enterprise challenges, and focus on offering technology solutions to the aerospace sector. Through nominations and consultations with industry leaders, CIO Review editors selected the 20 most promising companies.

SimiGon President & CEO, Ami Vizer, said: "I am delighted that SimiGon has been recognised as one of the 20 most promising Aerospace Tech solution providers in 2014. It is a strong endorsement of our unique technology and another indication of the Company's continued development."

SimiGon, an established market leader, has built a reputation as the company of choice for the world's largest simulation training programmes. Its training solutions are proven to make learning more efficient and cost-effective than traditional flight simulators.

CIO Review is a technology magazine that talks about the enterprise solutions that can redefine the business goals of enterprises tomorrow. It is the leading source that shares innovative enterprise solutions developed by established solutions providers, upcoming hot enterprises and is a neutral source for technology decision makers.

View complete announcement on London Stock Exchange Website

Notice of Results

Monday, 31 March 2014

SimiGon, a global leader in providing simulation solutions, will announce its preliminary results for the year ended 31 December 2013 on Monday, 28 April 2014.

View complete announcement on London Stock Exchange Website


SimiGon enters civil aviation market through joint venture in China

Monday, 24 February 2014

Joint venture positions SimiGon as a significant supplier of ground training systems in the world's fastest growing aviation market

SimiGon (LSE: SIM), a global leader in providing simulation training solutions, is pleased to announce a major expansion of SimiGon's core growth strategy with the Company's first significant contract in China utilising SimiGon's software for training civil aviation pilots.

SimiGon has entered into a joint venture agreement (the "Joint Venture") with Yantai Lan Hai Heng Chuang Zhi Neng Jiao Tong Ke Ji You Xian Gong Si, a leading aviation services company based in China, and investors led by Peter Liu, who is the General Manager of three private civilian aviation schools in China. Under the terms of the agreement, a new entity will be created to which SimiGon will provide the SIMbox licenses enabling the Joint Venture to develop its own training solutions. The value to SimiGon of the initial contract to provide these licenses is $0.75m and will contribute to improved revenue visibility for the year ended 31 December 2014.

The deal brings together SimiGon's industry leading technology with an established training services provider in China to help meet the rapidly growing demands in the Chinese civilian aviation market.

China is the fastest growing aviation marker in the world. A report by Booz & Company, the a global consulting firm, titled, General Aviation In China - Seizing Growth Opportunities, estimates that the total number of aircraft of general aviation in China will grow annually by 10-20%, and by 2015 should reach more than 2,500 aircraft and almost 6000 by 2020.

SimiGon President & CEO, Ami Vizer, said: "It has been a long term strategic goal for SimiGon to enter the civilian aviation sector and this joint venture provides us with the perfect opportunity to enter this sector in a country whose ambition matched the expected growth. Our pilot training solutions are cost-effective and an ideal fit for the demands of the Chinese market. We have entered in to this agreement because we believe the market has great potential and we are delighted to be working alongside strong and visionary partners who have a clear vision of how our technology can leverage their current and future businesses."

Peter Liu, the leader of the investors group, said: "SimiGon has a proven track record and is renowned for its simulation training solutions. We believe the Chinese market has significant appetite for proven technology solutions and we look forward to working with SimiGon's technology, offering our customers an even greater experience and improved learning environment."

View complete announcement on London Stock Exchange Website


Trading and Business Update

Monday, 13 January 2014

SimiGon (LSE: SIM), a global leader in providing simulation training solutions, provides an update on trading and business performance for the 12 months ended 31 December 2013.

The Company is pleased to report that the strong trading of the first half of the year has been maintained during the second half. The Company has continued to deliver upon its long term contracts on time and on budget, often exceeding customer expectations in both the execution of delivery and performance of its systems. The Company is particularly pleased, in June 2013, to have secured a $6.7m contract to provide, as a prime contractor, a SIMbox training solution and delivery upon this contract has progressed well.

As a result of the above, the Company expects to report revenue for the year ended 31 December 2013 of at least $7.9m (2012: $6.8m), slightly ahead of market expectations and representing growth of 16% over the previous year, and profits in line with market expectations, representing an increase of approximately 20% over the previous year. The Company's balance sheet remains strong, including over $8.0m in cash and cash deposits at 31 December 2013.

Furthermore, the Company has continued to enhance its prospects for securing new and further contracts in this growing market whilst its transition to becoming a prime contractor also remains on track.

SimiGon President & CEO, Ami Vizer, said: "SimiGon continues to grow and maintain its strong financial performance as it cements its position as a supplier of choice in the provision of simulation training solutions. Through our long term contracts, we have good visibility of revenues and a robust pipeline of new opportunities which gives us great confidence for 2014 and beyond."

View complete announcement on London Stock Exchange Website


Back to Top