22nd Apr 2015 09:01
LONDON (Alliance News) - Norcon PLC said Wednesday it expects revenue in 2015 to show an upward trend compared to 2014, as it posted a narrowed pretax loss for 2014 on lower administrative costs.
The Cyprus-based telecommunications firm reported a pretax loss of USD307,116 for 2014, narrowed slightly from a pretax loss of USD327,967 in 2013, as a decline in revenue to USD43.5 million from USD46.1 million was offset by lower administrative expenses of USD5.8 million compared to USD6.3 million.
The company had been undertaking a three-year plan to try to reduce its reliance on one primary client and develop a more geographically spread client base, and 2014 was the final year of the plan, Norcon said.
Revenue derived from the client, which Norcon didn't name, reduced to 39% in 2014 compared to 46% in 2013, which the company cited as evidence that its diversification strategy is going to plan.
"Norcon now has a new corporate structure and business model allowing us to offer customers a more sophisticated product mix and a better value proposition making us more competitive in the market place," said Chairman Trond Tostrup in a statement. "Whilst we are not complacent about our overall financial performance in 2014, it has been highly cash generative and accordingly our balance sheet is stronger than it has been for many years with an equity ratio of 57.34%."
"As a result of this we have the necessary financial resources to achieve the goals we set," Tostrup added.
Shares in Norcon are untraded Wednesday, it last closed at 16.00 pence..
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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