23rd Jul 2015 08:58
LONDON (Alliance News) - Publishing Technology PLC Thursday reiterated that it is on track to meet market expectations for its full year, as it posted a widened pretax loss for its first half.
For the half year to end-June the company reported a pretax loss of GBP1.2 million, widened from a pretax loss of GBP685,000 a year before, as revenue was flat at GBP7.6 million, but was offset by higher administrative costs and restructuring costs of GBP300,000.
The company attributed its flat revenue to USD500,000 less in revenue being recognised from an onerous contract than in the first half of 2014.
The software and services company has undergone a period of restructuring, which it expects to take out around GBP1 million of costs on a yearly basis.
During the period the company raised GBP9.5 million, which it used to pay down all of its debt and to provide it with GBP2.7 million in working capital. The company said this has "fundamentally changed" the future of the business and has allowed it to invest in all parts of its operations.
"The change in the balance sheet and the positives steps we have taken in the core business all leads me to have confidence in the second half and particularly in our potential for 2016," the company said in a statement.
Shares in Publishing Technology were untraded Thursday morning. It last closed at 125.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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