Frontier Smart Technologies Grp Ltd Trading update (2505E)
May 05 2017 - 2:00AM
UK Regulatory
TIDMFST
RNS Number : 2505E
Frontier Smart Technologies Grp Ltd
05 May 2017
For immediate release 5 May 2017
Frontier Smart Technologies Group Ltd
('Frontier' or the 'Group')
Trading update
Frontier (AIM: FST), a pioneer in technologies for Digital Radio
and Smart Audio devices, announces the following trading
update.
The Board is pleased to report that the Group has continued to
build on the momentum achieved in the second half of 2016, with H1
revenues significantly ahead of last year. Taking a prudent view of
H2 trading across the Group, the Board expects full year EBITDA(1)
profit to be materially ahead of expectations(2) .
The Group's established Digital Radio and Smart Radio business
lines are both performing well. Digital Radio is benefiting from
strong underlying growth in continental Europe, boosted by the
switching-off of analogue radio in Norway. H1 sales have also
received an up-lift from the forthcoming introduction of the EU RED
Directive in July 2017, which has encouraged customers to bring
forward orders. Smart Radio is ahead of expectations due to better
than expected growth in Germany. Margins in Digital Radio and Smart
Radio are also ahead of plan.
In Smart Audio, the Group has recently announced several design
wins for speakers using Google's Chromecast built-in technology.
Trading in Smart Audio is currently broadly in line with
expectations, but it will be early in the second half before the
full year performance of this business line will be known.
Anthony Sethill, CEO of Frontier Smart Technologies, said:
"The performance of our Digital Radio and Smart Radio businesses
in the opening months of the year has been encouraging and reflects
our market leadership in both sectors. Our Smart Audio business is
still at an early stage of development, but our recently announced
design wins provide grounds for confidence."
Notes
(1.) EBITDA means earnings before interest, tax, depreciation
and amortisation and non-cash share based payments.
(2.) Current market expectations for the year ending 31 December
2017 for the Group's EBITDA was approx. GBP1.0 million prior to
this statement.
The announcement contains information which, prior to its
disclosure, was inside information for the purposes of the Market
Abuse Regulation.
For further enquiries:
Frontier Smart Technologies +44 (0) 20
Group Ltd 7391 0630
Anthony Sethill, Chief Executive
Officer
Jonathan Apps, Chief Financial
Officer
Peel Hunt LLP (Nominated Adviser +44 (0) 20
and Broker) 7418 8900
Richard Kauffer/ Euan Brown
+44 (0) 20
Buchanan (Financial PR) 7466 5000
Henry Harrison-Topham/ Steph FST@buchanan.uk.com
Watson
About Frontier Smart Technologies
Frontier is a pioneer in software and hardware technologies for
Digital Audio devices. The Group has one operating division,
Frontier Silicon, which provides solutions for Digital Radio and
Smart Audio devices.
Frontier was founded in 2002. Customers include many leading
consumer audio brands: Altec Lansing, Bose, Bowers & Wilkins,
Brookstone, Denon, Grundig, harman/kardon (JBL), Jensen, Onkyo,
Panasonic, Philips, Pioneer, Pure, Roberts, Sony, TechniSat,
Yamaha, and many more.
The Group is headquartered in London, with engineering, sales
and operations teams in Cambridge, Timisoara (Romania), Hong Kong,
and Shenzhen. Please visit http://www.frontiersmart.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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