11th Mar 2014 12:47
LONDON (Alliance News) - Kalibrate Technologies PLC Tuesday expressed confidence in achieving its targets for the year and continued progress in its second half, as it swung to a pretax loss due to the costs of its initial public offer in the half year ended December 31, 2013.
Kalibrate produces software and consulting services for the petroleum retail industry.
The company posted a pretax loss of USD496,000, versus a pretax profit of USD679,000 in 2012, even as revenue rose to USD14.1 million from USD12.0 million in the previous year. Profit was hit by a rise in operating expenses, a USD2.1 million charge relating to its re-branding and flotation on AIM, and the integration of Market Planning Solutions Inc.
Kalibrate floated on AIM in November 2013. At that time Kalibrate laid out a growth strategy, including plans to expand its geographical footprint, grow its core markets, and expand its managed services offering. The company said it had made progress towards these objectives during the period.
"The global petroleum retail market that the group operates in continues to experience significant structural change, including the deregulation of fuel pricing in certain countries and the continuing emergence of compliance frameworks," the company said in the statement. Kalibrate hopes to benefit from this shift, seeking planning projects ahead of deregulation.
Kalibrate expressed optimism that this trend would open up competition, and may make opportunities available for it in India and China.
Shares in Kalibrate were trading up 0.6% at 114.15 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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