Anite’s shares fall after admitting “relatively quiet” period

Insists order book getting stronger, though

UK mobile phone testing specialist Anite saw its shares plunged more than 7 per cent in early trading today (16th August 2013) after admitting Q1 trading had been “relatively quiet, reflecting the usual quarterly seasonality.” It also revealed that net debt to end of July 2013 stood at £4 million compared to £0.9 million three months earlier, though this too was said to be in line with normal seasonal patterns.

Anite, formerly known as Cray Electronics, said that while momentum in order intake had built over the course of the first quarter, it was slow compared to the same time a year previously when the mobile industry was on a high.

Insisted CEO, Christopher Humphrey, “Although the first quarter has proved to be relatively quiet for handset testing, our expectations for the year are unchanged albeit with a greater second half emphasis.”

“With strong order pipelines and fundamental growth drivers in place across all three businesses, we continue to be confident about Anite’s prospects.”

On London’s Aim market Anite’s share price fell to 117 pence within the first hour, having opened at 121 pence.

About Dave Evans

Dave Evans was a long established commentator on both the IT and cellular industries. His last focus was on share price trends within the sector. He passed away in September [2014].
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