28th Jun 2016 13:37
LONDON (Alliance News) - Red24 PLC on Tuesday reported a fall in pretax profit for its most recently ended financial year, as exceptional costs offset a rise in revenue.
It proposed a final dividend of 0.30 pence, taking its total dividend for the year to 0.55 pence, up from 0.50 pence the year before.
The security and business support services company reported pretax profit of GBP624,344 for the year to end-March, down from GBP1.1 million the previous year, as revenue rose to GBP6.6 million from GBP5.9 million, but was offset by exceptional costs.
Revenue growth was helped by its acquisition of Singapore's RISQ Worldwide, the company said, at the beginning of July 2015.
"The business continues to develop successfully and for many of our KPIs in a way that has exceeded our expectations. We have worked hard to build up a reputation with well-established clients for high quality work and we see future growth both from our existing services and also from the addition of other services that are likely to be of assistance to those clients," said Chairman Simon Richards in a statement.
"Although there are risks to any business, the board feel encouraged by the way we have continued to progress over the last year, and are excited by the growth prospects offered by our European partners, Allianz, the US product safety team, cross-selling RISQ services and potential further acquisition," Richards added.
Shares in Red24 were up 9.9% at 15.25 pence Tuesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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