13th Jul 2021 13:07
(Alliance News) - Merit Group PLC on Tuesday reported a widened loss as part of an overall weaker financial performance for its recent financial year.
Shares in Merit were up 3.2% at 64.0 pence each in London on Tuesday afternoon.
Merit is a London-based data technology company.
It posted revenue for the financial year that ended March 31 of GBP24.7 million, an 11% fall from GBP27.8 million the previous year.
Pretax loss for the year was GBP2.9 million, widened from GBP1.3 million the year before.
"The group has performed extremely well in the second half of the year, recovering much of the ground lost in the first half as a result of the impacts of the pandemic. We are optimistic this improved trading performance will continue in the current year," said Non-Executive Chair Mark Smith.
Changes to working practices, the easing of Covid restrictions and the fact employees can work from home puts Merit in a much stronger position than a year ago, and the company said it expects the improvement seen in the second half of financial 2021 to continue.
Merit are now actively seeking to halve its London property footprint which, if achieved, would represent a significant saving on current group overheads.
Merit are in the advanced stages of building a new technology platform for its political intelligence offering, helping the company to gain a competitive advantage in the market.
Merit also pointed to its recent investment in DataWorks as providing new opportunities in e-commerce data.
By Amrit Sahota; [email protected]
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