LONDON (Alliance News) - Management Resource Solutions PLC on Friday said it swung to a profit in its most recently ended financial year, thanks to its cost-reduction programme.
The maintenance support services provider said it swung to a profit of USD6.0 million in the year to the end of June, compared to a USD10.6 million loss reported the year before, as revenue increased by a third to USD69.1 million from USD52.4 million.
A major factor in these results was a cost-cutting programme initiated in late 2017, which continued throughout the 2018 financial year, the company noted.
Recurring administrative expenses fell by almost a third to USD14.4 million from USD20.3 million year-on-year.
"2018 was a busy and successful year for MRS, as the group benefited from a number of initiatives to turn around the business and drive a strong performance," said Chief Executive Paul Brenton.
"We have started the new year in line with management expectations and are confident about the group's prospects and the opportunity ahead," added Brenton.
MRS shares were trading 8.3% lower on Friday at 5.41 pence each.