8th Jul 2020 11:11
(Alliance News) -Â Marlowe PLC on Wednesday reported a fall in annual profit, but said Covid-19 is no longer having a significant impact on its operations.
Revenue for the year to March 31 rose to GBP185.4 million from GBP128.5 million, but pretax profit slipped to GBP500,000 from GBP2.0 million. Using consistent accounting policies, profit fell to GBP900,000 from GBP2.0 million, the support services firm said.
"Statutory profit was impacted by the disposal of non-core businesses in FY20 and FY19. These activities reduced profit before tax by GBP0.8 million in FY20 and increased profit before tax by GBP1.9 million in FY19," the company explained.
On an adjusted basis, pretax profit increased to GBP13.6 million from GBP8.9 million.
Marlowe said it has seen "some disruption" from Covid-19, which has affected the early part of its new financial year, but the impact has been "manageable" and its business model resilient.
"Given the defensive nature of our business model, we expect to see growth in line with our pre Covid-19 expectations as restrictions are lifted. Covid-19 is no longer having a significant impact on our operations and we expect to deliver further good progress in the current year," said Marlowe.
Shares in Marlowe were down 0.4% at 525.00 pence in London on Wednesday.
By Lucy Heming;Â [email protected]
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