19th Nov 2024 14:54
(Alliance News) - Time to Act PLC on Tuesday said its loss narrowed in the first half of its current financial year, as revenue surged nearly 80% higher.
The Middlesbrough, England-based engineering firm focused on technology for the energy transition supply chain said its pretax loss narrowed to GBP184,494 during the six months that ended September 30, from GBP535,564 the year before.
Revenue grew 77% to GBP1.7 million from GBP958,047 last year.
Cost of sales increased 21% to GBP698,588 from GBP576,016, while administrative expenses, including exceptional costs, rose 28% to GBP1.1 million from GBP857,874.
Executive Chair Chris Heminway said: "These figures highlight the potential we can achieve when we actively promote the business. I am particularly pleased with our first half cash and adjusted profit performance which have significantly exceeded targets. Our group business have the potential to deliver strong margins and robust cash flow. Looking ahead, I am confident that the impending ramp-up in sales as we deliver our Bow Wave targets will also yield impressive financial results."
Shares in Time to Act were flat at 55.00 pence each on the Aquis Exchange on Tuesday afternoon.
By Emily Parsons, Alliance News reporter
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