24th Mar 2016 11:00
LONDON (Alliance News) - AssetCo PLC on Thursday said its annual pretax profit pushed higher thanks to a big rise in revenue driven by the expansion of a contract.
The company, which provides management and resources for fire and rescue emergency services in the Middle East, said pretax profit grew 73% to GBP4.0 million in the year to September 30 from GBP2.3 million, as revenue increased 49% to GBP21.7 million from GBP14.6 million.
The growth in profit and revenue was down to the planned increase in the size of the company's Middle East contract, driven by higher personnel and related firefighting equipment sales.
Trading remains in line with the company's expectations, and the group said it will provide updates on its case against former auditor Grant Thornton over the course of the coming year.
In late December, AssetCo started formal proceedings against its former auditor over its audit of the company's 2009 and 2010 accounts. The current claim for losses from this period is GBP38.0 million, plus interest and costs of GBP4.3 million, the company said.
AssetCo shares were down 5.3% to 305.35 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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