Anite rises after positive first half performance

12th May 2014 14:17

Anite saw its share jump by nearly a tenth on Monday after it said second half cash generation was stronger than anticipated and confirmed full-year revenue would be in line with expectations. The software solutions provider described its final quarter of trading as "encouraging" and said the performance meant its Handset Testing business achieved revenue in the second half that was broadly in line with the same period last year, as had been expected. This was particularly driven by the first significant benefits from the investments made in TD-LTE technology over the last few years, Anite said. The Network Testing and Travel businesses continued to perform well, with strong market demand seen in the former, while the group is still considering the potential disposal of the Travel business.Chief Executive Christopher Humphrey said: "The second half of the year has seen a progressive improvement in Handset Testing trading, as certain of the revenue catalysts we identified at the half year have started to bear fruit. "Market conditions for Handset Testing continue to make it difficult to predict the precise timing of orders; however we are more encouraged by prospects for Handset Testing for the first half of the new financial year compared to those experienced last year."The share price rose 9.47% to 90.86p by 14:30.NR