Cambridge-based, ‘real-time locations solutions’ company, Ubisense, confirmed FY numbers (see Ubisense locates FY numbers in the right position), turning in 34% revenue growth to £23.8m (year to 31st Dec. 2011), including a small contribution from its two acquisitions (Realworld and InMaps).
As I had rather expected (see Margins slip at Ubisense maiden interims), profitability was a mixed story. At the ‘adjusted’ level (basically EBITDA less ‘exceptionals’), margins improved a tad from 5.9% to 6.2%. But if you look at the IFRS number and take out only the AIM listing costs (a true ‘exceptional’) then operating margins fell from 3.5% to 2.6%. But the good news is that the RTLS division (36% of group revenues) is much more profitable (8.1% adjusted margin) compared to barely break-even in 2010.
Ubisense was the first 'real' UK SITS IPO last June after a year’s hiatus (see Ubisense gets off to fine start on AIM). Its shares are currently 24% above the 180p listing price, with today’s news nudging them up by 1% to 220.5p.