20th Sep 2018 12:10
LONDON (Alliance News) - Billing Services Group Ltd said Thursday that it expects revenue in its core billing sector to decline after it swung to a half-year loss.
Shares in the company were trading 5.5% lower at 2.22 pence each on Thursday.
For the six months to June 30, the company posted a pretax loss of USD428,000 compared to a pretax profit of USD6.2 million a year prior.
This was due to a 24% decline in revenue to USD8.4 million from USD11.0 million, as well as USD428,000 in restructuring expenses.
The company said that, despite the disappointing results, trading in the first half was in line with the board's expectations and consistent with the recent trading conditions it experienced.
Looking ahead, the company expects revenue for the second half to "compare unfavorably with the second half of 2017" due the "secular decline in billable long distance and operator service calls initiated on wireline phones".
For the company's financial year ended in 2017, revenue came in at USD21.1 million.
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BILL.L