30th Sep 2014 14:37
LONDON (Alliance News) - Progility PLC Tuesday said it is confident it is creating "significant value" for shareholders, as it posted a narrowed pretax loss for year to the end of June.
The company, which was previously called ILX Group, re-branded itself as Progility following its merger with Australian Progility Pty Ltd in October 2013. It then went on to acquire Sue Hill Recruitment and Services Ltd. After the period-end the company acquired Starkstrom Group.
Progility posted a pretax loss of GBP325,000 for the year, narrowed from a loss of GBP3.0 million despite seeing revenue fall to GBP38.8 million from GBP51.9 million in the 15 months to end-June, on lower administrative costs and exceptional costs relating to mergers and acquisitions.
The company has reported its accounts as if the merged companies have always been combined.
The company said that its profile has been "completely transformed from project management training and consulting business that started the financial year," and its results reflected a business that has more than doubled in size over the year.
Revenue was hampered by the strength of sterling against the Australian dollar. At constant currency, it would have posted revenue of GBP42.3 million.
Progility said that its objective remains growing its business, and as a result has opted not to pay a dividend for the year.
Shares in Progility were trading 22% higher at 9.75 pence per share Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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