14th Jun 2016 09:47
LONDON (Alliance News) - AssetCo PLC on Tuesday said trading remains in line with its expectations following growth in profit and revenue in the first half of its financial year.
The company, which provides management and resources for fire and rescue emergency services in the Middle East, said pretax profit for the six months to March 31 grew to GBP1.9 million, up from GBP1.5 million a year earlier.
Revenue rose to GBP11.0 million from GBP10.4 million, boosted by a planned increase in the size of the company's Middle East contract which has seen it handle more fire service personnel.
Trading remains in line with AssetCo's expectations, it said, and the company said it will provide further updates in the second half on trading, future contracts and its ongoing claim against former auditor Grant Thornton LLP.
In late December, AssetCo started formal proceedings against Grant Thornton 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.
By Sam Unsted; [email protected]; @SamUAtAlliance
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