Ubisense expects revenue to be 'significantly' better than previous year

27th Jan 2017 08:54

(ShareCast News) - Shares in Ubisense Group soared after the developer of enterprise location intelligence systems said it expects revenue for 2016 to be "significantly" higher than the previous year, largely due to new contract wins.The AIM-listed company expects revenue growth, margins, cost management and its order book for calendar 2016, to all be "significantly" better than the results achieved in 2015.This was is largely due to the company gaining a global software licence deal with an automotive manufacturer for its real-time location software platform, and it also signed some new and extended product orders for the platform.In the geospatial division, the company saw increased demand for its myWorld services projects and gained new licence sales.It expects to report a net cash positive position, which has improved in January through debtor collections, and is in compliance with the rules regarding its HSBC loan.Newly appointed chief executive Richard Petti said the company started 2017 with a strong order book and good momentum.Shares in Ubisense were up 20% to 45p at 0834 GMT.