Source - SMW
Simulation and training services provider SimiGon booked a $706k first-half loss, as higher operating expenses offset rising revenue.

Net losses for the six months through June had widened from a $452k on-year loss.

Revenue had rise to to $2.40m, up from $2.19m, while gross margin had fallen to 77%, down from 78%.

'We are pleased to report increased revenues and, excluding the one-time provision for doubtful debts provision, the financial results for the period show an improvement in losses as compared to the related period in 2017,' chief executive Ami Vizer said.

'We continued to execute upon our strategy for the underlying business, deliver project milestones for long term contracts and build our strategic position as a technology partner to our customers.'

'Looking at the number of the contracts we are currently working on, we are confident in our upside potential.'

Vizer said SimiGon continued to expect, based on contracted backlog orders, revenue for the full financial year of approximately $5m and $14.5m over the next 10 years.

At 10:01am: (LON:SIM) SimiGon Ltd share price was 0p at 14.5p