5-Bagger Anite Confirms "Encouraging" Progress

LONDON -- Anite (LSE: AIE.L  ) advanced 3 pence, or 2%, to 131 pence in early trading this morning after the software developer issued a trading statement covering the period from May 1.

The FTSE 250 group, whose systems test mobile devices and wireless networks, said overall trading in the first four months of its financial year had been "encouraging."

The company also disclosed total revenue and adjusted operating profits were ahead of the performance reported this time last year, and that current progress was "consistent with achieving the board's expectations for the year as a whole."

Anite claimed its handset-testing profits were ahead of the same period last year, though added market conditions for network testing remained "challenging."

Anite also provides software for travel agents, and said the pipeline of opportunities in this area remained "strong."

The company confirmed net cash as of Aug. 31 2012 was 13 million pounds.

Commenting on today's statement, Christopher Humphrey, Anite's chief exec, said:

Each of our businesses is benefiting from the investments we continue to make in our products. The nature of our Wireless businesses means that order visibility remains short. However, this encouraging start to the year underpins our confidence in our ability to deliver sustainable growth and meet our expectations.

In July, Anite reported full-year results that showed sales up 31% to 123 million pounds and adjusted profits up 75% to 28 million pounds. Current City forecasts suggest earnings may advance from 6.7 pence to 8.5 pence per share by 2014 -- implying the group's upbeat progress can continue in the near term.

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Maynard Payton does not own any shares mentioned in this article. The Motley Fool has a disclosure policy.
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