30th Sep 2014 10:52
LONDON (Alliance News) - Altitude Group PLC Tuesday posted a narrowed pretax loss in the half-year to the end of June as revenue rose and it cut down on costs, although it warned of more work to come.
The Information and technology services company posted a pretax loss of GBP122,000, narrowed from a loss of GBP578,000 a year before, as it saw revenue rise slightly to GBP3.0 million from GBP2.9 million and it saw lower administrative costs.
Administrative costs for the half-year were GBP2.4 million, down from GBP2.8 million in the previous year.
The company continued to invest in its core technology products, and building its new management team in the US. During the half-year the company identified a new product opportunity called 'artworktool' that it believes has sales opportunities beyond the current focus of its key markets.
The product has a US patent pending, with an anticipated market launch in 2015. In the UK is main performance driver remains the Trade Only National Show, which was sold out in January. It only produced modest revenue growth as the company is at capacity, however, profit was significantly improved.
It expects to complete the final phase of its investments in the second-half of 2014.
Altitude warned that there "remains work ahead" in its near term, however, it is confident that changes and investments in its business combined with its increased focus on software as a service technology provides it with a better platform for future growth.
Shares in Altitude were trading down 4.9% at 14.50 pence per share Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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