21st Feb 2024 12:49
(Alliance News) - Arcontech Group PLC on Wednesday posted higher interim profit and predicted a bright outlook for the full-year.
Arcontech is a London-based provider of real-time financial market data and services. Its shares were up 4.6% to 91.00 pence each in London on Wednesday afternoon.
In the six months ended December 31, revenue came in at GBP1.4 million, unchanged on-year.
Arcontech's pretax profit jumped 45% to GBP538,790 from GBP372,414. It said this reflected the contribution from higher revenue and higher interest earned on cash deposits.
Looking ahead, Arcontech said revenue expectation for the full year remains in line with current market expectations, however, pretax profit is expected to be slightly ahead of market expectations.
"This is the result of higher interest income on cash balances received than previously forecast, and a reduction in operational expenditure," the company explained.
Chair Geoff Wicks said: "We believe our strategy has brought us through a difficult period of poor market conditions well. Our focus is firmly on our core markets where we believe we are best placed to build sustainable growth. We have invested in our ability to grow globally and although lead times and competitive markets mean slow progress, we have started to experience some growth and we are confident about this continuing."
By Sophie Rose, Alliance News senior reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.