THE RACE to get new smartphones onto the market has led to better than expected results at Anite, the British company whose technology is used to test network connections.
The company’s shares rose by seven per cent yesterday as it said that the division that tests new mobile phones had seen revenues rise by 10 per cent in the three months to the end of April.
This came as some relief to investors who saw shares tumble in March when the company warned that trading had been below par.
“Overall trading in the quarter was strong, slightly ahead of that predicted [in March],” the company said. “As a result, adjusted profit before tax for the full year [to May] will be towards the top end of market expectations.”
City analysts welcomed yesterday’s news. Investec’s Paul Moreland said Anite was “proving the doubters wrong”. He added that the company was well placed for growth thanks to the revenues that will be created from the testing of 4G networks.
“The opportunities for each of our businesses remain encouraging, particularly in wireless [networks],” Anite boss Christopher Humphrey said. “The rollout of 4G is still at a relatively early stage and we now have additional drivers to sustain growth over the next few years.”