22nd Jan 2015 10:37
LONDON (Alliance News) - APC Technology Group PLC Thursday posted a drop in pretax profit for its recently ended financial year, due to a drop in revenue and an exceptional gain not recurring.
The company said it won't pay a dividend for the year. It said that, after reviewing its dividend policy again, whilst it still considers it desirable to pay dividends in the longer term, it feels a greater return can be made by invested its available funds into opportunities. It did not pay a dividend in the previous year either.
The technology and services company posted a pretax profit of GBP382,000 for the year to end-August, down from GBP4.5 million a year before, as revenue declined to GBP20.6 million from GBP21.7 million, and in the previous year it posted an exceptional gain of GBP4.2 million.
Stripping out these exceptional costs and share based payments, the company posted an operating profit of GBP573,000, up from GBP491,000 a year before.
The company launched a new website for online purchases 'Products+', which it said started generating revenues after the year-end.
"During 2014 we have invested significantly in the building of an organisation which we believe is uniquely placed to exploit the growing opportunities within the sustainability sector and to further cement our position in the electronic component distribution industry," the company said in a statement.
"This investment has continued post year end and we are optimistic that the strategy we are implementing is putting in place the foundations of profitable growth," APC added.
Shares in APC are trading down 6.8% at 23.30 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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