Troubled set-top software developer ANT has effectively put itself up for sale after difficulties in bringing long-term projects significantly eroded margins.
Cambridge-based ANT, which is supplying its software to the Freesat G2 (free time) platform and Havard’s View 21 connected DTT box, described recent projects as “very challenging”. It also said the nature of the projects “may result in material disputes with several customers, which are yet to be quantified in resolution”.
In a statement the company said its cash balances had been achieved through efficient working capita management rather than actual trading performance. “The Board is exploring all options to maximise shareholder value, which may involve continued trading, voluntary liquidation, the sale of the Company or asset sales.”
Last month CEO Simon Woodward suddenly departed the company to be replaced on an interim basis by finance director Pauline Ingram.
“The important next step is to complete the review of both the delivery of the customer programmes and the longer term prospects of the business in order to conclude the future direction for the Company,” said ANT chairman Royston Hoggarth.
Revenues increased by 15% to £2.47 million (€3.07 million), but gross margin was down by 65% and pre-tax losses increased to £0.44 million.
Shipments of the ANT Gallio suite accounted for 83% of total units shipped in H1.
