LONDON (Alliance News) - IS Solutions PLC Tuesday announced a reshuffle of its board and reiterated confidence in meeting market expectations for its full year, as it reported a swing to a pretax profit in its first half.
For the half year to end-September the hardware and software company reported a pretax profit of GBP1.5 million, swung from a pretax loss of GBP350,000, as revenue rose to GBP8.5 million from GBP3.9 million, boosted by its acquisition of Celebrus at the beginning of 2015.
Separately, the company said Managing Director John Lythall will step down at the beginning of April 2016, and will hand over to Sales Director Peter Kear, who will be promoted to chief executive officer. Carmel Warren has been appointed to the board as chief financial officer as of Tuesday, whilst Mark Boxall will rejoin the business as operations director of its trading subsidiaries.
IS Solutions proposed an interim dividend of 0.50 pence, down slightly from 0.56 pence a year before.
The company said that trading at both its continuing IS Solutions business and Celebrus remains strong, having won two new customer projects since the start of the second half, and citing a "number" of other opportunities in its pipeline with the potential of converting before the end of the financial year.
According to broker forecasts provided by Morningstar Edison expects IS Solutions to report a pretax profit of GBP1.6 million for the year to end-March 2016, whilst FinnCap expects it to report a pretax profit of GBP2.8 million.
Shares in IS Solutions were up 1.1% at 92.00 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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