26th Sep 2018 11:28
LONDON (Alliance News) - Data collection firm Touchstar PLC said Wednesday its interim loss deepened after revenue dropped amid expectations sales for the year will be second-half weighted.
For the six months ended June, pretax loss worsened to GBP592,000 from GBP95,000 the year prior. This was after revenue fell to GBP3.2 million from GBP4.0 million the year prior.
"The message I wish to give is simple - we are 'on track'", Touchstar Chairman Ian Martin said.
"After a slow first quarter, sales momentum built in the second quarter and this momentum is expected to build further in the second half," Martin added. "Trading has been in line or ahead of management budget in three of the four business units. Encouragingly, the Onboard division has doubled the airlines using its new Novostar solution to four, and Podstar, a product we launched in 2017, also doubled the user base using its solution."
"As with last year, this year's trading is expected to be second-half weighted and, with the momentum that we have, the board remains confident of meeting expectations for the year," Martin said. "That achievement alone will not determine our future as the real benefit of the investment we are making is not expected to flow until next year and beyond. Importantly, we are satisfied with our progress so far."
Shares in Touchstar were 6.9% lower at 43.30 pence on Wednesday.
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