28th Nov 2013 13:44
LONDON (Alliance News) - Digital Barriers PLC Thursday said Thursday it is moving toward break-even, even as it posted a widened pretax loss in the half year ended September 30.
Digital Barriers produces surveillance technologies for the homeland security and defence markets. It said corporate overheads rose partly due to increased investment in sales and marketing.
The company posted a pretax loss of GBP7.2 million, widened slightly from GBP7.1 million. Corporate overheads rose to GBP4.6 million from GBP3.3 million. Digital Barriers said that in addition to the spending on sales and marketing, it faced increased charges for long term incentive plans and other central overheads.
Administration costs rose to GBP11.5 million from GBP10.3 million.
Revenue was GBP9.0 million, up from GBP8.1 million in the previous year, driven by growth in the company's TVI video surveillance technology and RDC ground sensor products. This offset declines in revenues from the company's services business, hit by tightened UK government spending and longer sales lead times.
"With our technology solutions seeing strong international sales momentum, the outlook for the future prospects of the group is increasingly compelling as it continues to deliver very strong overseas sales growth and moves towards break-even," Digital Barriers said in a statement. "The board remains comfortable with its expectations for this financial year."
Added Executive Chairman Tom Black: "Both the traction of our disruptive technologies and the ongoing shareholder support, reaffirm my confidence in the longer-term prospects for the group."
In a separate statement Thursday, Digital Barriers said it had appointed Sharon Cooper as finance director with effect from March 3, 2014. Cooper currently serves as vice president of commercial finance at security software and hardware company Sophos Limited.
Shares in Digital Barriers were trading up 0.50 pence at 169.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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