Frontier Smart Technologies Grp Ltd Half Year Trading Update (2065M)
July 27 2017 - 2:00AM
UK Regulatory
TIDMFST
RNS Number : 2065M
Frontier Smart Technologies Grp Ltd
27 July 2017
For immediate release 27 July 2017
Frontier Smart Technologies Group Ltd
('Frontier' or the 'Group')
Half Year Trading Update
"Strong first half performance"
Frontier (AIM: FST), a pioneer in technologies for Digital Audio
devices, announces the following trading update for the six months
ended 30 June 2017.
The Group expects to report H1 revenues of circa GBP19.7
million, up 44% on H1 2016 (GBP13.7 million) with a significant
improvement in EBITDA(1) to approximately GBP1.1 million (loss of
GBP35,000 in H1 2016).
Revenue growth has been driven by the switch-off of FM radio in
Norway, the introduction of the EU Radio Equipment Directive
('RED') in June 2017 (the latter encouraging some customers to
bring forward orders from the second half of the year) and the
first revenues for Smart Audio (expected to be circa GBP1.4 million
for the first half). The Group has also benefited from the decline
in Sterling against the US Dollar since H1 2016, with revenues
expected to increase 26% in US Dollar terms for the first half of
2017. The decline in the dollar in the last few weeks may mean that
there will be less of an impact in the second half.
The outcome for the full year will be determined over the next
few weeks by the order intake for the Christmas period. The Group
will update the market on progress at the time of the half year
results in late September 2017.
As at 30 June 2017, the cash balance was GBP4.8 million (31
December 2016: GBP3.4 million) which translates to a net cash
position of GBP1.3 million (31 December 2016: net debt GBP0.7
million).
Anthony Sethill, CEO of Frontier Smart Technologies Group Ltd,
said:
"Trading for the first half of the year has been stronger than
anticipated but it is too early to determine Frontier's full year
profitability. Whilst some of the drivers of growth in H1 are
short-term in nature, the underlying trends for our Radio business
are positive. This strong performance in Radio provides a solid
foundation on which to build our presence in Smart Audio."
(1) EBITDA means earnings from continuing operations before
interest, tax, depreciation and amortisation and non-cash
share-based payments.
The announcement contains information which, prior to its
disclosure, was inside information for the purposes of the Market
Abuse Regulation.
- Ends -
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
Edward Knight / 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 Silicon was incorporated in 2001. 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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