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(Alliance News) - 4Global PLC on Thursday celebrated swinging to a profit with increased revenue and earnings in its first full year, which its chief executive officer said was an "excellent foundation" on which to build its future.
The stock was up 9.5% at 59.70 pence on Thursday afternoon in London.
The London-based data, services and software company - which focuses on sporting events and fitness products - reported a statutory pretax profit of GBP519,000 for the year ended March 31, compared with a GBP1.9 million loss the year before.
"We completed our first full year as an AIM quoted company and are in a strong financial position - profitable and with a sound balance sheet - the business has an excellent foundation on which to build in the current financial year and the future," said Chief Executive Officer Eloy Mazon.
4Global had its initial public offering on AIM in early December 2021.
4Global said its operating profit was GBP1.2 million, more than double GBP573,000 in financial 2022. Basic earnings per share swung to 2.4 pence, following a 7.1p per share loss the prior year.
Revenue increased by 53% to GBP5.9 million from GBP3.6 million. 4Global said GBP2.5 million was carried over into the current financial year, "providing good forward visibility." Consultancy revenue increased 8.5% to GBP2.3 million from GBP2.1 million, while revenue from data platforms more than doubled to GBP3.3 million from GBP1.6 million.
4Global said its performance remained strong through the first quarter of the current financial year, and it was confident this would continue. It intends to keep growing revenue from its data and insights products, due to their revenue visibility and higher margin profile.
Mazon commented: "Demand for our data and insight products continues to grow. The many significant challenges faced in our sector due to the uncertain global economic outlook, will, we believe, drive our customers to seek ever more business-critical insight and this is the very strong message we are getting from our customers.
"We are encouraged by the prospects for the rest of the financial year and beyond as we seek to increase our penetration in the European and North American markets and develop new revenue streams associated with our data."
By Emma Curzon, Alliance News reporter
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