4th Sep 2013 09:34
LONDON (Alliance News) - Belgravium Technologies PLC said Wednesday it saw decreased pretax profits and revenues following its acquisition of Feedback Data PLC and continued efforts to adjust its business to take advantage of a still-cautious marketplace.
The company said that order intake had been slow at the start of the year, but had picked up in the second quarter, putting it back on track to finish the first half with profits in line with the previous year. For the six months ended June 30, the company had a pretax profit of GBP142,000, down from GBP151,000 in the previous financial year. Revenues also dropped to GBP4.1 million from GBP4.3 million.
It acquired data-capture firm Feedback Data in May as part of an ongoing effort to restore its profitability to previous levels. Belgravium said that it was confident this acquisition will help recharge the group's turnover. It said that, after some additional costs in 2013, Feedback Data's profitability is expected to improve from 2014 onwards.
The mobile and data management services company warned that it did not expect the financial restraint characterised in its market to change significantly. Measures taken to offset this have been effective, the company said, and it was confident that its performance would be improved in the second half of the year.
Belgravium was trading down 10% at 3.25 pence Wednesday morning. WH Ireland upgraded the stock to Outperform from Market Perform.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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