(Alliance News) - Blancco Technology Group PLC on Tuesday said profit had surged in the first half as sales restructuring boosted growth.
Blancco shares were up 15% trading at 187.50 pence per share on Tuesday morning in London.
The Bishop's Stortford, England-based provider of mobile device diagnostics reported pretax profit for the first six months to December 31 of GBP2.6 million, up 44% from GBP1.8 million a year ago.
The company said revenue for the first half was GBP24.0 million, up 22% from GBP19.7 million the year prior. Blancco noted that the increase was boosted by enterprise revenue, which rose by 32% to GBP9.4 million from GBP7.1 million, representing the company's fastest growing market and increasingly becoming a larger part of overall revenue.
Blancco added that the appointment of a new president of global sales and vice president of American sales has driven revenue growth, and strengthened its opportunity pipeline.
Chief Executive Officer Matt Jones said: "We announced at our last results in September that we had restructured our global sales team with the appointment of new leaders for our sales organisation. I'm pleased to report that they have managed to have an immediate impact on the financial growth of the company as demonstrated in these results as well as our pipeline of opportunities.
"We have also fully integrated the excellent team of professionals that joined Blancco through the earnings accretive acquisition of WipeDrive in June 2022. The vast majority of WipeDrive employees now have a role in the larger Blancco group and have supported our move to a single erasure solution for customers."
Blancco acquired WipeDrive Inc in June last year. The company said WipeDrive's team has now been fully integrated.
The company said it continues to trade "well", and has a strong pipeline going into the second half. Blancco added that it is confident that it will achieve its expectations for the full year.
By Harvey Dorset, Alliance News reporter
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