Anite dives after spending delay before 4G smartphones are released

Anite, which makes wireless technology software for mobile phones, has suffered as manufacturers delayed spending ahead of the roll-out of 4G smartphones.

Chief executive Christopher Humphrey today said adjusted pre-tax profits almost halved to £9.9 million after "a very demanding year".

Revenues fell 13% to £78.8 million in the 12 months to April. Anite has been performing better in 2010 although its travel division, which provides software for bookings, remains "challenging".

It hopes to benefit from investment in LTE (Long Term Evolution) technology, which allows mobile networks to process internet data and video more quickly on devices such as Apple iPhone.

Broker KBC Peel Hunt upgraded the shares from hold to buy: "While transparency on the roll-out of 4G remains slight, Anite is well positioned to capitalise."