28th May 2015 07:48
LONDON (Alliance News) - Porta Communications PLC Thursday said it cut its pretax loss by half in 2014 as revenue more than doubled, and said it expects further positive results in the current year as trading in the first five months has been strong.
The public relations and marketing firm reported a pretax loss of GBP1.5 million in 2014, half the GBP3.1 million loss made in 2013, as revenue grew to GBP23.3 million from GBP9.3 million.
Porta added that trading in the first five months of the current financial year has been strong and that it expects organic growth to outperform the sector. It said it also expects exceptional costs to be significantly lower in the current year.
"The group has achieved strong organic growth in the second half in gross income (fee income) for the year, which at around 75% on a continuing operations basis, is considerably higher than the sector average of single digit growth. Trading in the first five months would suggest that the group is heading for another strong year, and the board remains optimistic about future prospects, particularly with all the 2014 acquisitions performing very strongly," Chief Executive David Wright said in a statement.
Shares in Porta were trading down 6.0% at 7.55 pence Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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