30th Jan 2020 11:59
(Alliance News) - Cleaning and decontamination firm React Group PLC on Thursday posted a narrowed annual loss after trimming its expenses and reporting fewer exceptional costs.
In the year to September 30, revenue was 5.8% lower at GBP3.1 million from GBP3.3 million. The company reported a pretax loss of GBP138,000, slimmed from GBP2.0 million.
Administrative expenses were 60% lower year-on-year at GBP1.1 million from GBP2.6 million and the company reported just GBP52,000 in depreciation and amortisation charges, 96% down from GBP1.4 million.
React said: "The financial year of 2019 has been one of continued efforts to maximise cost efficiencies, where appropriate, and refocusing the business on higher margin work in sectors where our services are valued the most and are most profitable."
Gross margin improved to 28.5% from 21.0%.
"The company has retained its most significant clients, and whilst the public sector remains an important focus for the company it has also expanded its reach in the private sector. A new framework agreement has been signed with an additional NHS Trust and React has been added to a number of approved-supplier lists for Tier-1 clients," React said.
Shares in the company were untraded in London on Thursday morning, last quoted at 0.54 pence.
By Eric Cunha; [email protected]
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