28th Jul 2023 14:32
(Alliance News) - Advancedadvt Ltd announced on Friday that it swung to a profit in its recent financial year on the back of several successful acquisitions.
The London-based acquisition vehicle swung to a pretax profit of GBP1.4 million in the year ended June 30, following a GBP7.7 million loss the year before. It also narrowed its operating loss to GBP2.0 million from GBP8.1 million.
Advancedadvt said it was boosted by a series of acquisitions in its financial year including software businesses CIBS, CHKS, Retain, WFM, and Synaptic from Capita PLC in June.
Advancedadvt reported net cash of GBP104.7 million at June 30, up 0.5% from GBP104.2 million on the same date last year.
The company declare no dividend for financial 2023, unchanged from the year before.
Advancedadvt said that it would remain "vigilant" in identifying the right opportunities for investment.
"Given the significant macroeconomic uncertainty and disruption, we firmly believe that this environment will present numerous opportunities to leverage the reported acquisitions success with both organic and acquisitive growth," said Chair Vin Murria.
"With a proactive approach, resources and expanded capabilities, we aim to leverage the changing landscape to deliver enhanced value and drive continued growth."
Shares in Advancedadvt were untraded at 83.80 pence in London on Friday afternoon.
By Will Neill, Alliance News reporter
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