7th Apr 2016 08:32
LONDON (Alliance News) - Shares in Belgravium Technologies PLC were down 21% Thursday after it reported a swing to a pretax loss for 2015, mostly due to booking an impairment in relation to its future growth rates.
The mobile data computing services company reported a pretax loss of GBP6.5 million, swung from a pretax profit of GBP477,000 in 2014, as revenue declined to GBP8.7 million from GBP9.4 million, further compounded by a rise in administrative costs and a GBP6.0 million impairment.
The company said it had taken the decision to write down its goodwill by GBP6 million to reflect a "more reasonable view of future growth rates."
Belgravium said that the financial results "appear disappointing" at face value and relative to the prior year, but were slightly better than its expectations.
The company said it has made a reasonable start to 2016, and over the next year and a half it will introduce several new products and services.
"Last year was a period of consolidation and transformation for Belgravium. Achieving the primary goals set, has given the business a coherent structure, lower cost base and a vibrant new energy. The operations are now more efficient, some costs have been taken out and there have been substantial changes made to both senior management and the board," said Chairman Ian Martin in a statement.
"The company is now more forward looking, with historic issues behind it. The management are now focused on future opportunities and building the business to support organic growth that is both profitable and sustainable," Martin added.
Shares in Belgravium Technologies were down 21% at 2.75 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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