23rd Jul 2019 11:47
(Alliance News) - Gresham Technologies PLC on Tuesday said it swung to profit in the first half of 2019 on increased demand for its Clareti platform.
The Clareti platform delivers data integrity services for capital markets firms.
The data software company swung to a pretax profit of GBP169,000 in the six months to the end of June compared to a GBP988,000 loss reported a year earlier, as revenue increased 36% to GBP12.4 million.
Gresham Tech earns revenue from the sale of software and also the provision of ancillary consultancy services. In the first half, the company won six new Clareti customers and a number of new licences and upgrades with existing customers.
"The group will continue to manage its cost base with investment in the second half of 2019 focused primarily on sales and experienced customer success resources, marketing and lead generation events," said Chief Executive Ian Manocha.
"The Clareti platform is becoming the new standard for data integrity and control in capital markets, and our cash management business is gathering momentum," added Manocha.
Gresham Tech shares were trading 4.7% higher on Tuesday in London at 123.50 pence each.
Related Shares:
GHT.L