8th Apr 2025 11:41
(Alliance News) - Dillistone Group PLC on Tuesday reported a "solid start" to 2025 trading as it posted a decline in revenue for 2024.
The Basingstoke, England-based software supplier for the international recruitment industry said it swung to a pretax profit in 2024 of GBP13,000 from a GBP104,000 loss in 2023. According to the firm, this is the first such profit since 2016.
Revenue fell 12% to GBP4.9 million from GBP5.6 million, with the improvement in profitability driven by a reduction administrative costs which declined 14% to GBP4.2 million from GBP4.9 million.
The firm partially attributed the decline in revenue to a reduction in the number and value of new business wins.
The majority of the firm's revenue is generated from recruitment firms, a sector "that has faced significant challenges in recent years," said Dillistone.
It noted that market challenges have persisted into 2025, but reported "a solid start to the year with Q1 performance broadly in line with management expectations."
Dillistone expressed confidence in achieving further progress throughout the current year.
Shares in the firm were flat at 9.0 pence on Tuesday morning in London.
Non-Executive Chair Giles Fearnley said: "I am delighted to report a positive set of results in what has been, and continues to be, a challenging period for our primary markets."
"The group has made a solid start to the year with Q1 performance in line with management expectations. While new business opportunities continue to reflect the challenging market, our improving competitiveness allowed us to achieve our best quarter for new business contract wins since Q1 2023...We remain confident in our ability to achieve further progress through 2025."
By Olivia Mason-Myhill, Alliance News reporter
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