Tuesday 30 June 2009

Sinosoft lifted by positive trading update, confident business will pick up

Shares in China-based Sinosoft Technology PLC (AIM: SFT) were lifted in London trade today after the group announced that the pipeline for the second half is strong.

In a trading update ahead of reporting first-half results, it said revenue continues to be weighted to the second half. Management is confident that many of the government contracts deferred from the first half to June 30 2009 will commence in the second half and that trading for the full year will be broadly in line with 2008.

The stock rose in early London trade on the news and was still trading up nearly 19 percent by midday.

Sinosoft said it continues to grow beyond Jiangsu province and announced it has recently won a new contract worth approximately US$200,000 to supply its e-government software to Nan An, one of the 12 major cities in Chongqing, the largest and most populated municipality in China.

“We are currently in advanced discussions with a top PRC software company, for the provision of our Skytech Reports Software, which was developed in 2008 as an e-government product. There is further potential for this product to be supplied to corporate sector clients,” Sinosoft added.

The group develops and provides software and IT products to Chinese regional and national government agencies and export enterprises.

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