25th Sep 2018 11:52
LONDON (Alliance News) - Blancco Technology Group PLC on Tuesday reported a rise in annual revenue while its loss narrowed year-on-year.
Blancco provides mobile device diagnostics as well as secure data erasing services.
For the 12 months to June 30, Blancco's revenue increased 2% to GBP27.5 million. Excluding currency effects, revenue rose 5% to GBP28.3 million.
Blancco's pretax loss for the period narrowed to GBP332,000 from GBP1.9 million, and adjusted earnings before interest, tax, depreciation, and amortisation climbed 18% to GBP5.9 million.
Blancco said it made "steady" progress during the year after a rocky period - the company restructured towards the end of 2017, significantly reducing costs which helped second half profit.
Trading since June has been strong, Blancco said, with revenue for July and August ahead year-on-year.
Chief Executive Matt Jones commented: "The interim results released in March referenced the steps taken by the board and management team in the first half of the year to improve the financial performance of the business.
"These steps have resulted in a significant increase in the profitability of the business in the second half of the year and this forms the base for long term revenue growth following some targeted investment in the current period."
Blancco shares were 9.9% higher on Tuesday at 94.50 pence each, the stock trading around 12-month highs.
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