Sharecast News
23 Feb, 2021 16:05

Profits fall as revenues rise at Arcontech

coins currency investment insurance business finance company
Business and financePexels

Financial market data provider Arcontech reported a 4.7% improvement in turnover in its interim results on Tuesday, to £1.54m.

The AIM-traded firm said its profit before tax was down 8% year-on-year for the six months ended 31 December, however, at £0.51m, which it put down to the full cost of its investment in the sales team.

Annual run-rate of recurring revenues at period end were ahead 4% at £2.98m.

The company reported net cash of £5m as at 31 December, making for an increase of £0.6m over the prior year.

Arcontech’s board said at this stage, it was expecting profit before tax for the year ending 30 June to be in line with market expectations.

“The board is pleased with Arcontech's progress in the first half of the year,” said chairman Geoff Wicks.

“While the effects of the Covid-19 pandemic have continued to overshadow the market we have grown revenue with the addition of an important new customer and a significant upgrade to an existing tier one customer.”

Wicks said that at the same time, the company maintained good profit levels after investing in future growth.

“We believe we are in a good position to accelerate growth once market conditions improve.”

At 1300 GMT, shares in Arcontech were down 12.53% at 164p.


News Source: © 2021 Web Financial Group (UK) Limited. All rights reserved and terms of use apply.

Important Legal Notice about News Sources: Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news and we may not share the views of the author or publisher. We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

 

Important Legal Notice about News Sources

Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.