31st Mar 2016 09:48
LONDON (Alliance News) - Publishing Technology PLC on Thursday said its pretax loss narrowed in 2015 as revenue edged higher and it cut costs in the second half.
The company said its pretax loss for the year to the end of December was GBP1.9 million, compared to a GBP4.0 million loss a year earlier, while revenue rose 2.0% to GBP14.6 million from GBP14.4 million.
Publishing Technology said the growth in revenue was slower than it had hoped for, primarily due to a lack of growth in its commercial product suite.
Profit, however, was improved by the group cutting around GBP1.5 million in costs out of the business in the second half, improving margins.
The group said the reduced cost base and reduction in its debt pile, moving to a net cash position of GBP2.1 million from net debt of GBP4.3 million, leaves it well positioned for the coming year.
Publishing Technology shares were down 0.8% to 126.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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