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(Alliance News) - Arcontech Group PLC on Thursday said profit rose in its most recent year, driven by higher sales to existing customers.
Shares in Arcontech were up 13% in London in mid-morning trade at 178.90 pence.
Arcontech provides products and services for financial market data processing and trading and posted a GBP1.1 million pretax profit for its year to June 30, well above its GBP575,632 profit the year before.
This was due largely to a 20% increase in revenue to GBP3.0 million from GBP2.5 million.
Chair Richard Last said of the revenue increase: "This was achieved primarily through increasing our product sales to existing customers. We sold 300 Excelerators bringing those deployed in our customer base to 1,410 and doubled our Desktop software solution customer base to 90. Whilst sales to new customers have not been significant during the year, our pipeline of opportunities with potential new customers is already proving positive, particularly for our Excelerator and Desktop software products."
The company declared a final dividend of 2.0 pence per share, up 54% from 1.3p per share the year before.
In terms of outlook, Last said: "As a business we face a number of uncertainties: Brexit and changes taking place in the financial markets, as well as with our competitors. However, against this backdrop, our customer relationships remain strong. We are a global business and believe we offer excellent levels of support and operational flexibility as well as significant competitiveness, hence, we would expect to see continued growth, despite the macro climate. Our pipeline of prospects remains positive, albeit, as we have consistently noted, the outlook needs to be tempered by the traditionally long and complex sales cycles that are a feature of our business."
