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LONDON (Alliance News) - Arcontech Group PLC Thursday reported a narrowed loss for the first half of its current financial year as revenues rose and it cut costs.
The company reported a net loss of GBP66,735 for the six months to end-December compared with a loss of GBP165,185 in the same period in 2012, as revenues rose to GBP976,578, from GBP848,101, and it cut administrative costs to GBP1.0 million from GBP1.1 million.
Critically, the financial market data processing and trading technology company said the annual run rate of recurring revenues at the end of 2013 stood at GBP1.9 million, up from GBP1.7 million in 2012, and covering 94% of its cost base.
It had net cash of GBP0.7 million at the end of the year.
"Arcontech has continued to make steady progress towards profitability, which we expect to continue in the second half of the year," Chairman Richard Last said.
"The group has an increasing pipeline of opportunities with both existing and potential new customers, which gives us confidence that the business remains on track to continue to deliver improvements in operational performance," he added.
Arcontech shares were down 1.2% at 0.207 pence Thursday.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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