19th Mar 2019 10:59
LONDON (Alliance News) - K3 Business Technology Group PLC on Tuesday said its transformation strategy helped it to swing to profit in its most recently ended financial year.
The AIM-listed company swung to a profit of GBP684,000 in the year to the end of November from the GBP14.8 million loss reported the year before.
"I am pleased to report K3 has moved from losses into profit at the operating level, with the transformation strategy initiated two years ago now bearing fruit," said Chief Executive Adalsteinn Valdimarsson.
K3 said the key elements of its transformation strategy have been focused on increasing sales of its intellectual property, integrating its operations, and improving its customer delivery capability and routes to market.
The company generated revenue of GBP83.3 million for the year compared to GBP82.7 million in financial 2018, representing an 0.8% increase.
K3 declared a dividend for the year of 1.54 pence a share, up from 1.4p paid a year earlier.
"Trading since the end of the financial year has been encouraging, and we expect to see continued momentum over the new financial year," added Valdimarsson.
K3 shares were trading 1.3% higher on Tuesday at 224.90p each.
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