EGI revenues up despite Q4 weakness

Electrical Geodesics expects revenues of approximately $14.3m for the year ended 31 December - 5% up on 2015 but despite revenues for the second half being 9% lower than the record performance a year ago.

EGI said a weaker than expected fourth quarter reflected a significant number of sales opportunities moving into 2017 with customers reporting uncertainties arising from the US election results and the impact on research funding and the likely efforts to repeal the Affordable Care Act.

EGI says indications are that a portion of the US commercial opportunities that were expected to close in the fourth quarter of 2016 will likely finalise in the first half of 2017.

It says international sales continue to be challenged by the strength of the US dollar but the major markets in the EU and Asia showed growth over 2015.