27th May 2016 08:00
LONDON (Alliance News) - Boxhill Technologies PLC on Friday said it swung to a profit in its recently-ended financial year as revenue more than doubled and its shares resumed trading.
The lottery administration and payment processing products company said it made a pretax profit of GBP204,000 in the year ended January 31, having suffered a GBP187,000 pretax loss in the year before, as revenue more than doubled to GBP3.3 million from GBP1.4 million.
Boxhill said it continues to win customers in the payments division, while the lottery business "remains steady" and "well-placed for growth" following improvements to its technology and the day-to-day functioning of the business.
"Having delivered on its promise of returning to profitability the board will continue its focus on prudent management of costs and realising the return on investment the expanded business will bring about," Chairman Edward Razzall said in a statement.
"The year ahead sees the challenge of delivering shareholder value through the continuing growth in the payments business which will be aided by the planned appointment of a new chief executive in the near future," he added.
Boxhill's shares resumed trading on Friday morning, having previously been suspended from AIM pending the publication of its full-year results. Shares were trading down 17% at 0.260 early on Friday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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