TIDMPTV

RNS Number : 0295Q

PeerTV PLC

09 October 2013

PeerTV PLC

Trading Update

The board of PeerTV plc (AIM:PTV), a provider of technology solutions for the OTT (TV over the internet) market, and PCB (printed circuit board) production solutions wishes to update the market regarding important progress made in recent months by its subsidiary company Digitek SMT Assemblies Limited ("Digitek").

For the three months ended 30(th) September 2013 sales by Digitek totalled 3.1 million New Israeli Shekels (NIS). This represents an increase of almost 40% compared to the sales invoiced during the six months ended 30(th) June 2013. During the three months ended 30(th) September 2013 unaudited management accounts show that Digitek achieved an operating profit, excluding interest and depreciation, for the first time since early 2011.

Digitek currently holds sales orders of about 7.3 million NIS and Letters of Intent for mass production with potential sales value of up to 8 million NIS. Production has started in respect of the projects arising from the Letters of Intent reported to the market in May 2013.

During September 2013 alone Digitek gained six new customers generating initial trial orders worth about 350,000 NIS.

Digitek is aiming to capture substantial business for electronic assembly from leading technology companies in Israel by building and exploiting competitive advantages through:

a) The broadest coverage of quality standards as demanded by suppliers in the defense, medical and high tech sectors.

b) Establishing and launching specialist departments for cabling, power supply design and coatings, being value added features offered by only a small number of manufacturers. The launch of these departments resulted in the receipt of orders of almost 1 million NIS during September 2013.

   c)    Construction and launching of clean rooms as required by customers in the medical sector.

Following its approval as a qualified supplier, as previously reported to the market, Digitek has submitted proposals with the potential to generate sales on a monthly basis of between 400,000 NIS to 1 million NIS to several customers in Israel including a leading domestic appliance manufacturer, a publicly quoted military equipment supplier and a multinational company involved in the marketing of consumer devices and food products.

Commenting on these developments Avi Vermus the Chief Executive Officer of Digitek said " We are now starting to see the results of our efforts over the past year in repositioning Digitek to become an important player in the electronic assembly business in Israel. Customers are now recognizing our competitive edge and we are seeing a steady inflow of enquiries ranging from major companies to start ups. "

Further enquiries:

 
 PeerTV Plc 
 Eitan Yanuv, Chairman                                                 +972 974 07315 
 Libertas Capital Corporate 
  Finance Ltd 
 Thilo Hoffmann/Sandy 
  Jamieson                                                       +44 (0) 203 697 9499 
 Peterhouse Corporate 
  Finance 
 Jon Levinson/Eran Zucker                                        +44 (0) 20 7469 0932

This information is provided by RNS

The company news service from the London Stock Exchange

END

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