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Simigon powers higher on upbeat profits update

Last updated: 19:55 10 Feb 2015 AEDT, First published: 20:55 10 Feb 2015 AEDT

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Shares in flight simulator specialist Simigon (LON:SIM) shot higher as reported its year just ended had seen a significant increase in profits.

Simigon specialises in military aircraft trainers supplied on long term contracts including Lockheed Martin's F-35 Lightning training programme and the RAF.

Ami Vizer, chief executive, said it had put in a strong performance during 2014. 

“Visibility of revenues and a robust pipeline of new opportunities gives us great confidence for 2015 and beyond," he added.

Simigon made a net profit of US$896,000 in 2013.

Broker finnCap raised its operating forecast profit for the year to US$1.4mln (US$1.2mln) adding the company retained a very strong cash balance of US$9mln at the year end.

Shares climbed 19% to 25p.

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