14th Jul 2020 17:11
(Alliance News) - AdEPT Technology Group PLC on Tuesday said its profit was hurt by an increase in costs in its most recently ended financial year.
The information technology provider said revenue for the year to the end of March increased by 20% to GBP61.7 million from GBP51.3 million a year ago, but pretax profit fell to GBP2.0 million from GBP2.4 million.
AdEPT explained that its profit was hurt by an increase in administrative expenses to GBP24.9 million form GBP21.0 million year-on-year.
Going forward, the company said it believes that Covid-19 will have a modest impact on the business in the medium to long term due to the fundamental need for its customers to communicate and use ICT for operating their businesses.
"Whilst it is still too early to provide guidance for the year considering the constantly changing landscape of the pandemic we are heartened by the excellent performance of the AdEPT team, as reflected in these key indicators, during these challenging times," said Chair Ian Fishwick.
AIM-listed AdEPT shares closed 2.2% higher in London on Tuesday at 252.50 pence each.
By Evelina Grecenko; [email protected]
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