Gulf starts at Sheikh Adi-2 25/05/2012
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Sarantel hopeful of brighter future
High performance radio and wireless device manufacturer Sarantel Group (SLG) has seen a pick up in its military market and is hopeful that its disastrous post-IPO performance might be coming to an end.
The AIM-quoted concern released an update in which it reported revenues of £1 million over the six months to March with a net cash position of £400,000. The company, which last year experienced difficulties with two major customers, enthused that excluding the two big customers development revenues grew by 185 per cent and military unit sales volume rose by 52 per cent.
In an interview with Growth Company Investor American CEO David Wither remarked that while the company had some 'unanticipated setbacks' with its customers last year 'the military market is growing fast' adding that the tactical side of the military sector 'is a real growth opportunity'. However he remarked that it was 'obvious' that the first half was 'not what we were hoping it would be.'
He suggests that the military market as a whole is 'lumpy and difficult' though as 'we specialise in tactical level soldier communication in both the US and NATO countries there is a lot going on in the investment side.' The update also remarked that the board is 'currently seeking further funding for working capital and to finance future growth'.
Shares in Sarantel have performed poorly post-IPO having plummeted from their initial price of 82p to a current value of just 1.2p - a fall of 98.6 per cent since their float in 2005 with the company also having lost money every year since, most recently reporting a loss of £2.96 million for the year to September 2010. Until future funding is confirmed we would strongly advise staying clear for the time being. Avoid/sell
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