27th Nov 2018 11:03
LONDON (Alliance News) - IT services company Triad Group PLC said Tuesday its profit for the first half of the financial year declined by 30% as revenue fell due to "challenging market conditions".
Triad shares were trading down 25% at 46.40 pence.
For the six months to September 30, Triad reported pretax profit of GBP515,000, down from GBP737,000 a year prior, as revenue shrank to GBP11.9 million from GBP14.2 million.
For the six-month period Triad proposed an interim dividend of 1.0 pence per share, up 50% on last year's interim payout of 0.5p.
Looking ahead, the company said that, in a market that remains "intensely competitive" and with an uncertain background, it remains focused on delivering profit and cash generation.
"The transition from a business heavily dependent on contractors to one which is consultant-led continues. The plan is to recruit more permanent consultants and to maintain high levels of utilisation and to use our integrated resourcing capabilities to augment our teams with carefully selected associates and contractor," Triad added.
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