Investors cheered interim results from Sarantel Group this morning, pushing shares in the company 10% higher to 2.75 pence.
The manufacturer of antennas for mobile and wireless devices reported a 64% jump in revenues to £1.7 million for the six month period ended 31 March 2008. Gross margins also improved significantly, to 43.6%, as the company’s sales mix moved more towards the higher value military and satellite markets.
Sarantel posted a smaller loss before tax of £1.3 million (H1 2008: £2 million), as it continued to invest in research and development and boost its sales and distribution capabilities. Cash balances at the end of March were £2.2 million.
David Wither, CEO said the company made considerable progress in the first half of 2009: “We have maintained our GPS business despite difficult economic conditions and have commenced deliveries of antennas to Iridium for satellite phones. Encouragingly, we continue to see opportunities developing in the high value military markets, which we are actively pursuing."
Sarantel designs and manufactures high performance antennas for more than 150 customers.