29th Jun 2023 10:05
(Alliance News) - React Group PLC on Thursday said its revenue jumped after a strong trading period, while net loss narrowed.
The Birmingham, England-based cleaning, hygiene and decontamination firm said revenue for the first half of the year ended March 31 shot up by 82% to GBP9.3 million from GBP5.1 million a year prior. React cited robust trading, contract wins and good sales growth across all divisions.
Net loss in the six-month period narrowed to GBP86,000 from GBP92,000.
Cost of sales rose 70% to GBP6.8 million from GBP4.0 million, while administrative expenses doubled to GBP2.5 million from GBP1.2 million.
Looking ahead, React said trading in the second half of the year has continued well building on the momentum of the first half, and expects its full-year results to be in line with market expectations.
Chief Executive Officer Shaun Doak said: "The enhanced mix of recurring revenue and increased margins provides the business with greater visibility and a more dependable revenue stream. This combined with the strength of our pipeline for the remainder of the year provides the board with cautious optimism."
Shares in React were up 2.1% at 1.33 pence each in London on Thursday morning.
By Sabrina Penty, Alliance News reporter
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