LONDON (Alliance News) - Octagonal PLC Friday said it does not expect a "material impact" to its business from the UK's vote to leave the European Union, as it reported a rise in pretax profit for its recently ended financial year.
The company reported a pretax profit of GBP791,000 for the year to end-March, compared to GBP30,000 the previous year, as revenue rose to GBP4.2 million from GBP3.3 million.
Octagonal said it had been a "transformational year" as it acquired the remainder of financial services company Global Investment Strategy UK Ltd it did not already own via a reverse takeover last June. GIS exceeded expectation for both revenue and profits, Octagonal said.
The company said that this strong performance had been achieved "in spite of facing some of the most challenging markets seen in years, with the investment-banking sector clearly demonstrating the effect of the downturn in corporate activity."
"Despite this the group has turned in a strong set of maiden results following the acquisition of GIS," Octagonal added.
Octagonal said that it does not see long term implications of Brexit having a "material impact" on its business, and even though an "initial reaction was felt in the financial markets we have since seen stability return. Our strong USD income will again not be affected by BREXIT as this income is mostly derived outside the EU."
Shares in Octagonal were down 3.8% at 1.20 pence Friday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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