LONDON (Alliance News) - Belgravium Technologies PLC Wednesday said it was well positioned for a "significantly" more successful 2014, as it saw pretax profit more than halve in 2013, hit by declining revenues and exceptional costs.
Belgravium supplies mobile computing products.
The company posted a pretax profit of GBP125,000, more than halved from GBP282,000 in the previous year, as revenue declined to GBP8.4 million from GBP8.7 million in the previous year
Belgravium incurred exceptional costs of GBP211,000 in the year, comprised of acquisition costs, redundancy, legal and other costs relating to the restructuring of its mobile retail operation in Leamington.
The company maintained its dividend at 0.1 pence per share.
Its acquisition Feedback Data for GBP243,000 in May 2013 is already producing profits, Belgravium said.
The company saw a stronger second half in what it called "another tough year for sales", as it saw growth in its logistics business offset by a quieter mobile retailing market.
The company said 2013 had been a year of consolidation, and it expects to make further and accelerated progress in 2014. Belgravium noted the improving UK economic outlook which it expects to encourage customer spending. It also expressed confidence over measures it has taken to increase margins and reduce administrative costs.
"We believe the measures we have taken over the last few years to reduce costs and enhance our product offering have placed Belgravium in a good position to capitalise on this change and that 2014 will prove to be a significantly more successful year," said Chairman John Kembery in a statement Wednesday.
Shares in Belgravium were trading down 5.6% at 4.25 pence Wednesday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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