26th Mar 2015 11:04
LONDON (Alliance News) - AssetCo PLC on Thursday said its pretax profit rose for its 2014 financial year as one-off costs fell, though revenue fell as some of its contracts came to an end.
The company, which provides equipment and management to fire and emergency services in the Middle East, said its pretax profit rose to GBP2.3 million from GBP1.3 million a year earlier. The big increase resulted from one-off-costs it booked last year associated to the construction of fire stations and related to its claim against auditor Grant Thornton LLP.
Revenue fell to GBP14.6 million from GBP17.6 million, due to the completion of the company's contracts to construct and supply equipment to four new fire stations in the Middle East.
AssetCo said it has made progress in its claim against Grant Thornton, which relates to an accusation of negligent audits carried out in 2009 and 2010 and is expecting a full reply to the charges from Grant Thornton by the end of this month.
The company said current trading is in line with its expectations.
Shares in AssetCo were down 3.9% to 281.10 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Assetco