26th Nov 2013 13:51
LONDON (Alliance News) - Dods (Group) PLC Tuesday reported a narrowed loss for the first half of its financial year as revenues increased across its business and cost cutting helped margins, while the company said it had started a review to maximise opportunities having just reorganised internally.
The news came as Alastair Gornall resigned as Chairman after just two months in the job, with the company citing "personal circumstances that were unforeseen when he first joined the company." Dods has appointed Andrew Wilson as interim Chairman while it seeks a permanent replacement.
The training, events and information company reported a pretax loss of GBP1.1 million for the six months to end-September, narrowed sharply from a loss of GBP2.9 million a year earlier as revenues jumped 46% to GBP9.3 million and its gross profit margin rose to 22% from 19%.
The revenue gain was helped by the acquisition of Holyrood Communications and Total Politics in December last year, but organic revenues also rose 26% to GBP8 million.
Revenues were up 57% in its training business as it held more educational conferences and a training contract it has with Capita Group PLC began to deliver the volumes the company had previously expected.
However, revenues also rose 40% in its publications and events business, 17% in the UK in its information business and 25% in Europe, and 18% in its government business.
"We have recently implemented an internal reorganisation which focuses the Group's activities around our client communities and we are undertaking a significant strategic research project to help us maximise our opportunities in each area," interim Chairman Wilson said in a statement. "We expect that there will be some one-off costs associated with these decisions currently anticipated to be approximately GBP0.5 million."
Dods shares were up 0.1% at 3.76 pence Tuesday afternoon.
By Steve McGrath; [email protected]; @stevemcgrath1
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