9th May 2023 14:59
(Alliance News) - Tialis Essential IT PLC on Tuesday reported a narrowed loss in 2022, and said it hoped to expand into Europe as it anticipated "another positive year of growth" with "great confidence".
Tialis Essential is an Edinburgh, Scotland-based IT service management company. Its pretax loss narrowed to GBP1.3 million from GBP3.0 million in 2021. Revenue slightly increased by 0.05%, essentially remaining flat at GBP14.5 million.
Tialis Essential said total administrative expenses decreased 41% to GBP4.0 million in 2022 from GBP6.8 million the year before. Cost of sales increased 15% to GBP9.4 million from GBP8.2 million. It reported no impairment charge on intangibles, down from GBP1.8 million in 2021.
The company declared no dividend for either year.
Tialis Essential said trading in 2023 so far has been in line with expectations. It expects existing contracts and end user customers to cover 85% of revenue and said it anticipated further growth due to its "buoyant" pipeline.
Tialis said it hopes to expand its partner channel and is considering expanding its business model into Europe. It said its "key objective" this year is to increase the focus and utilisation of its lifecycle efficiency, to provide greater efficiency and higher satisfaction levels for end-user customers.
"The market for IT managed services in the United Kingdom is highly fragmented and is served by a broad spectrum of businesses," Chair Andy Parker commented.
"Despite the continued challenges we met in 2022, the board believes that the group's position between the very large system integrators and the smaller competitors that may lack delivery structure, reputation, reliability, and financial strength remains a very compelling one."
Shares in Tialis Essential were down 3.6% in London on Tuesday at 54.00 pence.
By Emma Curzon, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.