Source - SMW
SimiGon said it expected to post lower-than-expected revenue for the full year following a dispute with a customer over how much it was owed. 

The company, which offers simulated training solutions, forecast annual revenue of around $4.3m and an adjusted net loss of around $1.1m.

"The company is in discussions with a particular customer in the civilian training market and its auditors to resolve an uncertainty regarding the level of revenue to be recognized arising from one significant contract, SimiGon said.

"The board are taking a prudent approach at this stage by only recognizing approximately half of the revenue attributable to this contract and note that full recognition would increase the revenue and reduce the loss set out above by approximately $0.7m."

Separately, procedural delays in concluding a signatory processes over a significant contract with the Israeli Air Force were resolved later than expected, whilst the company continued to invest in research and development.

"The board consider that the company is now well placed for the coming financial year and beyond," SimiGon said.


At 9:47am: (LON:SIM) SimiGon Ltd share price was -2p at 16p