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Drumz interim loss narrows as Acuity delivers revenue growth

16th Sep 2022 09:41

(Alliance News) - Drumz PLC on Friday reported its half-year loss narrowed as its investment in software provider Acuity Risk Management Ltd delivered revenue growth.

Drumz is a Beaconsfield, England-based investor in the software sector.

Pretax loss in the six months to June 30 narrowed to GBP184,000 from GBP261,000 a year prior. Revenue remained insubstantial, growing slightly to GBP30,000 from GBP18,000.

Drumz shares were 9.9% lower at 0.90 pence each in London on Friday morning.

Drumz said it is pleased with the progress of Surrey-based Acuity. Acuity's main product is Stream, which is risk management software that can be used by private and public sector clients to manage their security and other risks. In July, Drumz said Acuity delivered 30% revenue growth, with revenue of about GBP1.6 million in its financial year that ended March 31.

However, Drumz noted its disappointment regarding the performance of KCR Residential REIT PLC, which owns property in the UK private rented residential sector. The value of Drumz's holding in KCR has fallen to GBP317,000 as at June 30 from GBP390,000 at December 31, 2021, Drumz said.

"I am however, pleased to report that in recent weeks the KCR share price has improved somewhat and at the date of this announcement, the book loss suffered in the first half has been reduced by approximately GBP50,000," Chair Simon Bennett added.

KCR Residiential REIT shares were quoted at 17.00p on Friday morning in London, down 29% over the past 12 months though up 17% in the past six months.

By Tom Budszus; [email protected]

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