3rd Sep 2018 10:08
LONDON (Alliance News) - Corporation tax software firm Tax Systems PLC said Monday its interim loss halved after revenue jumped 14% amid a "strong" start to the year.
For the six months ended June, pretax loss halved to GBP804,000 from GBP1.5 million the year prior. This was after revenue rose 14% to GBP8.0 million from GBP7.0 million the year before, on an organic basis rising 9%.
"It has been a strong first half for Tax Systems, and we are pleased to have delivered once again against our key strategic objectives, delivering 22% growth in order intake and reducing debt levels ahead of target," Tax Systems Chief Executive Officer Gavin Lyons said.
Net debt dropped 15% to GBP17.5 million from GBP20.5 million six months earlier.
"The operational progress made over the last two years has been pleasing with enhancements made across the breadth of the business," Lyons added. "The focus now will be on maintaining these solid foundations while driving the business forward, both organically and through acquisition as we seek to expand our offering. With legislation driving market demand there is considerable scope to develop new solutions for further growth, especially for Making Tax Digital, and we remain confident in our outlook for the full financial year."
Shares in Tax Systems were 3.7% higher at 97.45 pence on Monday.
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