19th Feb 2019 08:58
LONDON (Alliance News) - Shares in Blancco Technology Group PLC rose Tuesday as it reiterated its confidence in meeting annual market expectations following a swing to profit in the interim.
Shares in the mobile diagnostics company rose 19% to 104 pence on Tuesday.
For the six months to the end of December, Blancco reported a pretax profit of GBP243,000, swinging from a loss of GBP1.5 million the year before.
Revenue for the period rose by 19% to GBP14.6 million from GBP12.3 million the prior year, through growth in all the company's operations.
Mobile revenue rose by 10% to GBP5.0 million in the six months, while IT Asset Disposition revenue rose by 20% to GBP4.9 million and Enterprise revenue was up by 30% to GBP4.7 million.
Blancco ended the six months with net debt of GBP2.3 million, down from GBP2.7 million the year before due to an operating cash inflow for the period, despite continued investment in research & development.
Looking ahead, Blancco has reiterated confidence in market expectations for its full year ending June 30 and in long term growth.
"In September, we announced a strategy to invest significantly in Marketing and R&D over the coming periods to support revenue growth in our three key markets of Mobile, Data Centre/ Enterprise and ITAD," said Chief Executive Matt Jones.
"It has been pleasing to see the impact of this investment begin to take effect. Revenue has grown in all three markets as well as in each of the EMEA, APAC and American geographies in which we operate. We have also seen significant improvements in the profitability and cash generation of the business," Jones added.
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