LONDON (Alliance News) - Mobile financial services company eServGlobal Ltd on Monday said slow sales persisted for the business in the first months of its current financial year and its full-year results will be weighted to the second half.
eServGlobal Executive Chairman John Conoley, in a statement to be given at the firm's annual general meeting, said the weakness seen in the year to the end of October 2015, when it swung to loss due to slow project delivery and soft sales activity, continued in the first quarter of its 2016 financial year, though a recovery has started to emerge in the second quarter.
This will mean, however, revenue and profit will be weighted to the second half, which is traditional for the company, Conoley said.
Conoley said working capital remains tight, but this should improve in the second half, while the company has continued to look to cut costs and will keep a focus on this through the financial year.
eServGlobal shares were untraded on Monday, having last traded at 4.13 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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