20th Apr 2020 11:56
(Alliance News) - Maestrano Group PLC on Monday said revenue was sharply higher in its third quarter and expenses much lower, resulting in a slimmer loss.
Shares in Maestrano rose 27% to 2.23 pence in London.
The company, an artificial intelligence platform for transport corridor analytics, reported revenue of GBP290,000 for the three months ended March 31. This represents a 20% improvement on the previous year's figure of GBP242,000 and a 28% improvement at constant currency.
According to Maestrano Chief Executive Andrew Pearson, "the revenue reflects the change from the company's previous core business to the new Airsight business". Maestrano, previously a data analytics firm, acquired engineering surveying services provider Airsight in September 2019 in an all-share GBP1.2 million deal.
With total expenses halved to GBP441,000 from GBP871,000, loss before interest, tax, and amortisation was GBP138,000 - shrinking from a GBP748,000 loss the prior year.
"It is very encouraging to see improved results as the company has transitioned to a lower overhead structure that complements the Airsight business model. With the successful merger integration process behind us, we are now focused on future growth. The long term nature of our contracts and the essential nature of the services we deliver, provide stability in the current environment," said Pearson.
Maestrano pointed out that its staff are all working from home during the global Covid-19 pandemic, excluding skeleton crews at its Australian secure facilities.
Chair Ian Buddery said: "Whilst we do not intend to release quarterly reports on an ongoing basis, the board is delighted with the trajectory of the business, particularly in the uncertain economic conditions since early March and wanted to update shareholders on the progress being made. The 2021 fiscal year plan is well advanced and the revenue forecast very encouraging, based on current contracts and carefully considered opportunities, with no requirement for additional capital in our considered outlook."
By Anna Farley; [email protected]
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