8th Jul 2024 11:51
(Alliance News) - Pulsar Group PLC on Monday reported a narrowed loss in what it called challenging half-year and provided an optimistic outlook.
Pulsar is a London-based software-as-a-service provider for the marketing and communications industries.
Its pretax loss narrowed to GBP4.5 million in the six months ended May 31 from GBP6.1 million a year prior. Adjusted earnings before interest, tax, depreciation and amortisation improved 54% to GBP3.1 million from GBP2.0 million.
Revenue edged down 1.5% to GBP30.8 million from GBP31.3 million, but recurring administrative costs decreased 11% to GBP19.0 million from GBP21.4 million. Cost of sales came in 10% higher at GBP8.7 million from GBP7.9 million.
Pulsar said the recent period was challenging but presented a significant opportunity for brands to differentiate themselves.
Chair Christopher Satterthwaite said: "The board is pleased with the progress made during the first half of the year, including enhancements to the group's product offerings and a significant acceleration in [annual recurring revenue] growth alongside improved adjusted Ebitda margins, despite the ongoing challenges of a difficult macro-economic environment."
ARR increased by 2.6% at constant currency to GBP62.6 million in May from GBP60.4 million in November.
Looking ahead, Satterthwaite said the board is confident in its outlook for the second half of the year and beyond.
Pulsar shares were 3.2% lower at 83.25 pence each on Monday morning in London.
By Tom Budszus, Alliance News slot editor
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