18th Sep 2018 11:19
LONDON (Alliance News) - Ingenta PLC said Tuesday it swung to an interim loss after reporting a 17% drop in revenue, while administrative costs rose on a restructuring.
For the six months to June 30, the software provider to the publishing industry posted a pretax loss of GBP594,000 compared to a GBP151,000 profit a year prior.
This was on the back of revenue falling to GBP6.4 million from GBP7.7 million.
Meanwhile, administrative expenses rose to GBP2.5 million from GBP1.9 million a year ago, contributing to the loss.
During the half-year period the company carried out a restructuring programme to simplify its operations, which included exiting its exposure to the Chinese market.
Chairman Martyn Rose said: "The first half of 2018 has seen a decisive and constructive move by the board and management to execute the final stage of Ingenta's transformation into a unified software company providing a coherent set of products and services under a single, simplified structure and branding."
Looking ahead, the company's board expects to see "further improvements" in the second half, and, as its future sales pipeline growth has accelerated, it is cautiously optimistic for the future.
Ingenta shares were untraded Tuesday, last quoted at 136.50 pence.
Related Shares:
Ingenta