(Alliance News) - Octagonal PLC on Wednesday reported a difficult year, reflecting continued geopolitical uncertainty in the regions it operates.
Octagonal provides settlement and safe custody services to investors across the world.
For the year to March 31, revenue fell 18% to GBP5.3 million, with pretax profit declining by 38% to GBP926,000. However, the firm did say pretax profit in the core unit rose 33% to GBP796,000.
Octagonal has declared a 0.1 pence per share dividend for the year, the same as the year prior.
"The first half of the year saw sales and earnings come in-line with expectations, as detailed in the interim statement, with the second half of the financial year presenting many challenges," said Chair John Gunn.
"Political deadlock and shut down in Washington during our third quarter coupled with the domestic concerns over Brexit have undoubtedly had its impact on trading volumes in equity and bond markets both domestically and overseas."
"The 2019 financial results reflect geopolitical uncertainty in the current market that impacted volatility and market volumes. Against this backdrop of challenging externalities, the core business within the group continued to deliver strong results," Gunn added.
Shares were 7.7% higher on Wednesday afternoon at a price of 1.39p each.
By George Collard; georgecollard@alliancenews.com
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