22 April 2010
Sarantel Group PLC
Trading update
Sarantel Group PLC, (AIM: SLG, "Sarantel"), a leading manufacturer of high-performance, miniature antennas for mobile and wireless devices, announces a trading update for the six months to 31 March 2010 and an update on recent developments.
First-half trading was in line with the Board's expectations, with revenues of £1.4m and net cash at 31 March 2010 of £1.6m, with an additional £260,000 tax credit due to be received.
GPS sales grew 17% by units and 8% by revenue as the consumer GPS market began to recover from the recession. In addition, Sarantel continued to make good progress with its customer base, delivering products to 250 customers in the first half, compared with just over 300 across the whole of 2009.
The Group has undergone successful audits by two leading military contractors from the US, bringing it closer to becoming an approved supplier for high-value military applications.
Since the period end, one of Sarantel's largest clients has introduced a second supplier in the interests of supplier diversity. As a result, the Group now expects revenues for the full year to be approximately £3.1m to £3.3m.
Geoff Shingles, Chairman, said:
"We are pleased with the progress we are making to diversify our client base and successfully target high-value markets such as the US military. Although we understand the need for our clients to dual-source supplies, we are confident that the technical superiority of our product will prevail in the longer term."
Enquiries
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Sarantel Group PLC |
01933 670 560 |
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David Wither, Chief Executive Officer |
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Sitkow Yeung, Finance Director |
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Seymour Pierce |
020 7107 8000 |
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John Cowie |
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College Hill |
020 7457 2020 |
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Carl Franklin/Adrian Duffield |
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About Sarantel
Sarantel is a leader in the design of high-performance miniature antennas for portable wireless applications. Sarantel's revolutionary ceramic filtering antennas offer dramatically improved performance over existing antenna designs, resulting in a clearer signal, better range and a 90 per cent reduction in the amount of signal radiation absorbed by the body. Because of their smaller size and higher capabilities, Sarantel's antennas enable manufacturers to create innovative wireless products for the GPS, WiMax, Satellite Radio and Satellite phone markets.