Ingenta Outlook Positive Despite Decline In Revenue And Profit In 2017

29th Mar 2018 13:05

LONDON (Alliance News) - Ingenta PLC on Thursday said it plans to deliver "positive" results in the year ahead, despite a fall in revenue and profit in its recent financial year after a "strong" 2016.

The software services provider reported a pretax profit of GBP800,000 in 2017, down from GBP861,000 the year before, as revenue fell to GBP14.7 million from GBP15.2 million.

This was a result of longer-than-anticipated sales cycles in new business wins and a restructuring of the revenue base, Ingenta said.

The prior year, the company began a restructuring program to improve operating efficiency and reduce ongoing costs. As a result, administrative expenses were trimmed to GBP3.4 million from GBP3.8 million year-on-year.

This was including a GBP100,000 loss from foreign exchange movements, compared to a GBP300,000 profit the year earlier.

The group also slightly improved its cash balance to GBP2.1 million from the GBP2.0 million it had a year prior.

Ingenta Chairman Martyn Rose said: "The product investment and hard work completed over the last two years to establish efficient operating procedures have laid the foundations for much improved operating performance in 2018 and beyond."

The stock was trading 0.1% lower at 127.40 pence per share on Thursday.

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