28th Jun 2019 10:21
(Alliance News) - Cleaning services firm React Group PLC said Friday its interim loss improved significantly as revenue rose, with the company looking to build scale in order to move into profitability.
For the six months ended March, pretax loss improved to GBP59,000 from GBP306,000 the year prior. This was after revenue rose to GBP1.6 million from GBP1.5 million the year before.
"React Group is beginning to experience the benefits of recent restructuring, reporting an increase in turnover alongside rationalisation of the cost base and better debt collection, all of which has contributed to the reporting of improved financial results when compared on a like-for-like basis to the same period in the previous financial year," React Executive Chair Gill Leates said.
React does not currently pay an interim dividend.
"Through restructuring and strategic focus React is beginning to position itself well for future development," Leates added. "With the restructuring largely behind us and an experienced management team now in place, the focus is on building a scalable business producing profit and generating cash."
Shares in React were 2.4% higher at 0.42 pence in London on Friday.
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