LONDON (Alliance News) - APC Technology Group PLC Friday reported a narrowed pretax loss for its most recently ended financial year, and said there is "cause for a renewed sense of optimism" as the businesses has now stabilised, and has a clear strategy in place under its new chief executive.
The technology, services and electronic components distributor reported a pretax loss of GBP2.2 million for the year to end-August, narrowed from a pretax loss of GBP2.6 million a year before, as a rise in revenue to GBP31.1 million from GBP20.6 million was largely offset by an increase in administrative costs.
Revenue growth was boosted by the first full year including its acquisition of Green Compliance.
APC said the year had been "challenging", compounded by the drop in energy prices and uncertainty of changing government policy in the energy and efficiency sectors. This led the company to undertake a review of its activities, in particular in its Minimise Energy business.
The company's Chief Executive Officer Mark Robinson stepped down in August of last year, and was succeeded by Richard Hodgson.
"Our focus post period end has been to execute on the operational review, improving profitability and enhancing growth. Under the guidance of our new Chief Executive, Richard Hodgson, the group is now focused on realising the potential of its profitable businesses, both through winning new customers and capitalising on cross-selling opportunities wherever possible," said Chairman Leonard Seelig in a statement.
Shares in APC were down 2.3% at 10.50 pence Friday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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