29th Apr 2016 08:51
LONDON (Alliance News) - Octagonal PLC on Friday said it experienced a challenging second half but expects results for the financial year to the end of March to be in line with expectations.
The company currently generates the bulk of its revenue through its GIS operating business, which provides global settlement and safe custody services to investors.
Octagonal said results across the investment banking sector have illustrated the challenges it faced in the second half of its financial year.
Due to those challenges, GIS has been cutting costs to cope and migrated over to a new operating system, which should save costs in the long term.
Octagonal said GIS's results for the year will meet expectations, with revenue of around GBP4.2 million and net profit of around GBP1.1 million. GIS worked on 82,000 transactions in the year, Octagonal said, adding the current year has started in an encouraging manner.
Octagonal shares were down 19% to 1.25 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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