Billing Services posts interims; further execution of business plan continues

Fri, 20th Sep 2019

Billing Services announced its half year report with revenues down from $8.4m to $7m. There was an increase of gross margin from 58.3% to 64.4% resulting in EBITDA for $0.5m - up $0.2m from $0.3m. This was boosted by cash operating expenses coming down from $4.5m to $4m. Net income improved from a loss of $0.6m to go flat at $0m. The cash balance at the end of the period was $7.1m. Commenting on the results, Denham H.N. Eke and Jason R. Wolff, Non-Executive Co-Chairmen, said: 'The first-half results demonstrate the Company's disciplined execution of its business plan. Improved gross margins and lower operating expenses enabled the Company to generate a higher level of EBITDA despite lower revenues.' At 8:11am: (LON:BILL) Billing Services Group Ltd share price was -0.05p at 2.1p Story provided by StockMarketWire.com

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