27th Jun 2016 10:06
LONDON (Alliance News) - Digital Barriers PLC on Monday said it is well positioned to deliver the continued momentum and growth it needs to become profitable in its current year, as it reported a narrowed pretax loss for its recently ended year.
The surveillance and security technology company reported a pretax loss of GBP8.5 million for the year to end-March, narrowed from a pretax loss of GBP18.8 million the year before, as revenue rose to GBP21.1 million from GBP11.9 million.
Revenue growth was driven by a strong performance from Digital Barrier's Solutions division, and boosted by the acquisition of Brimtek in the US, which contributed GBP2.9 million in revenue.
Digital Barriers said it had become clear that its UK Services division had become "non-strategic" to the company's future, and opted to sell the division to its management team for a nominal consideration in May.
It said that, with strong momentum continuing in its Solutions business, this division was no longer needed.
"The divestment of our non-core UK Services division, coming very shortly after the acquisition of Brimtek in the United States, has ensured that we are now consistently focused with a platform for future growth in each of our regions. In addition to supporting customer organisations tasked with addressing the degrading global security situation, we also have ongoing discussions with an increasing number of channel and technology partners in the network video and Internet-Of-Things domains," said Chief Executive Officer Zak Doffman in a statement.
"As such, we are well positioned to deliver the continued momentum and further growth we need to achieve profitability in the current financial year," Doffman added.
Digital Barriers shares were down 2.4% at 36.10 pence Monday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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