By Lautaro Vargas
Ubisense, Cambridge's first technology IPO in five and a half years, showed strong revenue growth across divisions in its first results since listing on the London Stock Exchange's AIM.
Revenue was up 41 per cent to £11.3m (H1 2010: £8.0m) though a pretax profit of £131k in H1 2010 became a loss £320k this year, largely as a result of the £320k cost of listing on AIM.
Ubisense operates two divisions, one the ultra-wideband real time location system (RTLS) and Geospatial.
The continued large-scale roll-outs of installations with BMW and Airbus underpinned 83 per cent revenue growth for the RTLS division, up to £3.9m (H1 2010: £2.1m), 35 per cent of Group revenue. Geospatial provided the balance as its revenues increased by 26 per cent to £7.4m (H1 2010: £5.9m).
Gross margins were up a point to 32 per cent while gross profit reached £3.6m, an increase of £1.1m, the same amount that administrative expenses increased by (H1 2011: £3.4m) as a result of larger staff numbers.
Ubisense CEO, Richard Green, said admission to AIM had marked an important landmark in the company's development, providing it with a strong platform to support the rapid growth of the business.
At the time of its IPO in June this year, Ubisense raised £5m, which has not only allowed it to repay its debts, but also to invest in R&D, equipment and installing a platform to fund organic and, potentially acquisitive, growth.
"We have delivered a robust set of results, our first, as a listed company, with a strong increase in revenues, a substantial order book and growing opportunity pipeline," said Green.
"With good momentum in the business and a growing order book, we remain confident that this robust performance will continue in the second half of 2011."
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