Blancco Technology Removes Dividend Despite Narrowed Annual Loss

20th Mar 2018 13:12

LONDON (Alliance News) - Blancco Technology Group PLC on Tuesday reported a narrowed loss for the first half of its financial year, but the firm will not pay an interim dividend as it enters a net debt position.

Mobile diagnostic company Blancco reported a pretax loss of GBP1.1 million for the six months to the end of December, narrowed from the GBP1.8 million loss it reported for the same period the year before.

The company posted a year-on-year fall in revenue to GBP12.6 million from GBP12.8 million, with the figure "slightly" impacted by the effects of foreign currency. On the constant currency basis, revenue was in line with the prior period.

Blancco ended the six months with net debt of GBP3.4 million, having swung from a GBP1.7 million net cash position at the end of June. It has thus declared no dividend for the period, having paid a 0.70 pence interim dividend in 2016.

The stock was down 3.9% at 62.00p on Tuesday.

Blancco Interim Chief Executive Officer Simon Herrick said: "I am extremely proud of the Blancco team's dedication, resilience and hard work during what has been a challenging period for the business. Our focus has been on reorganising and improving the functioning of the business to put Blancco in the best position for the new CEO to execute a sustainable growth strategy.

"The consistency of the team's focus and addressing successfully some challenging organisational matters has created a stable platform and these results show the underlying strength of the team, the quality of our products, our customer loyalty and satisfaction and the market's continued demand for the solutions we offer."

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