20th Dec 2019 13:51
(Alliance News) - Triad Group PLC on Friday reported a swing to a loss in the first half of its financial year as revenue dropped sharply, blaming "damaging uncertainties and delays" from conditions beyond its control.
Shares in Triad were down 8.7% at 37.44 pence in London in afternoon trading.
The IT services business posted a GBP202,000 pretax loss for the six months ended September 30, swinging from a GBP515,000 profit the year before. This resulted predominantly from a 24% drop in revenue to GBP9.0 million from GBP11.8 million.
Chair John Rigg said the company had "been obliged to deal with the damaging uncertainties and delays arising from political, financial and commercial conditions" outside of its control".
Triad maintained its interim dividend at 1 pence per share.
In terms of outlook, Rigg said: "A number of exciting projects are due to start in the new calendar year including the group's first intelligent automation engagement, the first stage of a potential multi-year engagement with a global sustainability organisation, and the delayed start to a significant programme for a top technology distribution company.
"The group is well prepared for the introduction of the off-payroll working in the private sector legislation in April 2020. We are advising clients as to their readiness for the new legislation and ensuring that transition to the new rules is as seamless as possible in respect of contractors supplied to clients and those used on client projects."
By Anna Farley; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Triad