18th Sep 2024 12:51
(Alliance News) - Skillcast Group PLC on Wednesday announced plans to reduce or restructure headcount in non-strategic professional services, despite improving results in the first half.
For the six months to June 30, the London-based digital compliance content and technology provider reported pretax profit of GBP40,876, swung from a loss of GBP771,836 a year prior.
Earnings before interest, taxation, depreciation and amortisation were GBP31,208, swung from a loss of GBP749,261.
Revenue improved 24% to GBP6.4 million from GBP5.2 million the previous year.
According to Skillcast, this result was driven by software-as-a-service subscription revenues, which grew 35% to GBP5.2 million from GBP3.8 million.
Looking ahead, Skillcast said that while annual recurring revenue continues to grow in the second half of the year, revenues from non-strategic professional services continue to be slower than last year.
Accordingly, the firm has decided in the second half to "reduce or redeploy" headcount in this area, the impact "will not occur until the next financial year".
"We continue to control costs and with the benefit of operational gearing remain on track to grow profits in line with expectations," Skillcast added.
The firm declared a dividend of 0.168p, unchanged from a year prior.
Shares in Skillcast Group were flat at 47.55 pence each on Wednesday afternoon.
By Holly Beveridge, Alliance News senior reporter
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