Fingerprint Jumps as Japan Expansion Continues: Stockholm Mover
Fingerprint Cards AB (FINGB), a Swedish maker of biometric security solutions, rose to the highest level in more than five years in Stockholm trading after expanding in Japan and saying its order situation there is “promising.”
The shares rose as much as 1.6 kronor, or 11 percent, to 16.4 kronor on the Stockholm bourse, their highest level since July 2007. The stock was up 10 percent as of 10:31 a.m. local time, valuing the company at 701 million kronor ($107 million). Shares of Fingerprint Cards advanced 33 percent last year, compared with a 12 percent increase in the Stockholm all-share index, and have soared 33 percent so far this year.
Fingerprint Cards announced three orders from Japanese mobile phone companies in the fourth quarter of last year alone, including a deal for fingerprint sensors with an initial volume of one million phones. The Swedish company generated 99 percent of its sales in Asia last year, according to data compiled by Bloomberg. Fingerprint will open a new sales and support office in Tokyo to support demand and named Tan Yuedong as a Senior Technical Manager.
“We have to support our new customers in Japan, we cannot just focus on winning orders,” Chief Executive Officer Johan Carlstrom said in a phone interview. “The situation in Japan is promising for us -- it looks exciting. We’re likely to be even more successful in Japan this year than last year, as the orders we took last year will now be built into the product.”
Fingerprint Cards, which produces fingerprint sensor technology used to verify a person’s identity, forecast full- year sales of between 130 million kronor and 190 million kronor on Nov. 29. This compared with 69 million kronor in 2011.
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