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Don't have an account? Click here to register.Castleton Tech seeking 'new opportunities' after transformational year
Tue, 31st Dec 2013 10:23
Castleton Technology, the AIM-listed software and consultancy firm formerly known as Redstone, said it is now set to seek 'new opportunities' in the technology sector after a transformational first half for the company.During the six months to September 30th, the firm demerged from its network-based managed services businesses and disposed of its ICT infrastructure, data centre and smart buildings solutions division, Comunica Holdings. Comunica was sold to Coms for £9.5m in November, at which points Redstone was renamed Castleton.The company generated £1.2m of revenue from continuing operations during the period and adjusted operating profits of £0.4m. These include results from the continuing software support and consultancy business only. The pre-tax loss from continuing operations narrowed to £0.4m, from £0.9m the year before.Discontinued operations generated £12.9m of revenue during the half, compared with £28m the year before.Meanwhile, the company booked a pre-tax loss from discontinued operations of £3.1m, compared with a profit of £1.1m previously, due to a £3.4m impairment charge in respect of goodwill arising from the disposal.Chairman David Payne said: "The disposal of Comunica presents a good opportunity for the company, led by an experienced management team, to seek opportunities to maximize the value of the remaining trading businesses in order to generate higher returns for investors, which may include strategic acquisitions within the technology sector. The net cash position will be invested for these purposes."The board, and in particular Ian Smith and Tony Weaver (Chief Executive and Non-executive director respectively), has a proven track record of investment in this sector," he said.The stock was up 26.32% at 0.6p by 10:55 on Tuesday.BC
More News
17 Mar 2014 15:53
CORRECT: Castleton Technology Sells QAD Software Consultancy Assets
(Correcting an article published on March 3 to clarify that references are to Castleton's QAD software consultancy business and not to QAD Inc.) LONDON (Alliance News) - Castleton Technology PLC Monday said it has agreed to sell the trade and certain assets of its business that provided con
Read more3 Mar 2014 13:43
REPEAT: UK MIDDAY BRIEFING: Markets Jolted By Ukraine Crisis
LONDON (Alliance News) - Stocks have tumbled across the world, while gold and oil prices have jumped sharply, after Russia moved over the weekend to take control of the Crimea, prompting fears that Ukraine could end up going to war with its bigger neighbour.
The oil price has hit a
3 Mar 2014 13:40
UK MIDDAY BRIEFING: Markets Jolted By Ukraine Crisis
LONDON (Alliance News) - Stock have tumbled across the world, while gold and oil prices have jumped sharply, after Russia moved over the weekend to take control of the Crimea, prompting fears that Ukraine could end up going to war with its bigger neighbour.
The oil price has hit a 2
3 Mar 2014 11:49
UK WINNERS & LOSERS: Gold Miners Benefit As Gold Price Rises
LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Monday.
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Increasing geopolitical tension following Russia's decision to mobilize its troops in the Crimea region of Ukraine over the weekend has p
5 Feb 2014 08:45
Castleton Technology Appoints Spencer Dredge As Finance Chief
LONDON (Alliance News) - Castleton Technology PLC Wednesday said it has appointed Spencer Dredge, who was heavily involved in the company's recent merger and acquisition activity, as its new Finance Director, with Peter Hallet stepping down from the role straight away, as the company had previous
Read more5 Feb 2014 08:12
UK MORNING BRIEFING: Insurers In Focus As Stephen Hester Joins RSA
LONDON (Alliance News) - Shares have continued their slide at the open Wednesday, despite a positive close overnight on Wall Street.
Brokers have been taking a look at UK insurers after RSA Insurance sprung a positive surprise late Tuesday by appointing turnaround a
5 Feb 2014 08:07
Castleton Technology names new finance director
Castleton Technology, the computer services group formerly known as Redstone, has announced the appointment of Spencer Dredge as its new Finance Director. Peter Hallet, his predecessor, will step down from the company´s board with immediate effect as announced last June. The newly appointed Financ
Read more8 Jan 2014 15:43
Sector movers: AVEVA, Coms, Castleton lift software stocks higher
The software and computer services sector was trading higher on Wednesday with engineering software firm AVEVA lifting the category after an upgrade by UBS. Shares in the FTSE 250 firm were up 7.2% at 2,276p before the close of trade after analysts at the Swiss bank raised their rating from 'neutra
Read more31 Dec 2013 11:00