24th Oct 2013 11:29
LONDON (Alliance News) -Telecom software and solutions company Artilium PLC Thursday said losses for the full-year declined, despite some customers discontinuing their business.
The company posted pretax losses of EUR406,000 for the period ended June 30, compared with losses of EUR3.4 million a year earlier.
Last year the company made an operating loss of EUR3.3 million which included a charge for share-based payments, bonus settlements and other professional fees of around EUR1.1 million. Additionally the company was "confronted with bad debts from clients" which impacted administrative expenses.
Revenue increased to EUR11.2 million from EUR3.5 million in 2012 as an increasing proportion came from maintenance and support contracts, including monthly and license and subscriber fees.
During the period, Artilium acquired United Telecom NV, a Belgium based wholesaler of telecom solutions. The firm said United Telecom has a growing customer base in Belgium and full year sales of EUR5.2 million, contributing EUR300,000 to the company's adjusted earning before interest taxation and amortisation of EUR1.2 million.
Artilium said it had adjusted earns before interest taxation, depreciation and amortisation of EUR1.2 million compared with losses of EUR3.0 million in 2012.
Net cash for the period jumped to EUR2.5 million from EUR0.7 million a year earlier.
The stock was trading at 8.50 pence Thursday morning, up 0.38 pence or 4.6%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
ARTA.L