27th Aug 2015 10:55
LONDON (Alliance News) - IPPlus PLC posted a swing to a pretax loss for the year to end-June, as lower costs failed to offset a drop in revenue, as the company was unable to attract enough new revenue to compensate for a utility contract that was substantially concluded in the previous year.
For the year to end-June the company posted a pretax loss of GBP258,244, swung from a pretax profit of GBP297,189, as a fall in revenue to GBP6.5 million from GBP8.4 million was partly offset by lower administrative costs.
It proposed a final dividend of 0.15 pence, in line with the previous year.
At the end of 2014, Restore PLC bought the company's Ancora Solutions business for GBP500,000. This business reported a loss of GBP53,856 in the half year to the end of 2014, on revenue of GBP362,803.
Following the year end its PCI-PAL credit card service won two international contracts, and its Ansaback business also won a "significant" contract with a London department store.
IPPlus said that it has traded at broadly breakeven since the year end, whilst at this point last year it was in a loss, which it said provided " tangible evidence of the fruits of its efforts coming to bear."
"The board therefore looks forward to producing much better results in the first half of the coming year," Non-Executive Chairman Chris Fielding said in a statement.
Shares in IPPlus were untraded Thursday morning. It last closed at 13.25 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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