LONDON (Alliance News) - OpSec Security Group PLC Thursday said it marginally increased its losses in its most recent financial year, despite good growth in revenues, due to higher costs in the business.
The company, which supplies anti-counterfeiting technologies, services and programmes, reported a pretax loss of GBP3.218 million for the financial year ended March 31, compared with GBP3.199 million a year earlier.
It said the slight increase in losses was as result of higher net finance expenses due to exchange rate movements and the full-year impact of the additional financing it entered into the previous year. The company also booked higher exceptional costs associated with the acquisition of holographic business JDSU, which required the group to rationalise its manufacturing facilities.
Revenues for the year increased 7.4% to GBP55.5 million, up from GBP51.7 million the prior year, which it said was supported by a full year of revenue contribution from its JDSU business, which helped offset a 17% decline in government protection revenues. Other revenue drivers were strong revenue growth in the transaction-card market sector, and a good performance in the brand-protection sector.
"The markets we serve continue to grow, and we are well placed to benefit from the opportunities this presents as demonstrated by a number of major contracts secured in the prior year. Our strengthened balance sheet means we are able fully to proceed with the rationalisation of our facilities and this, when completed, will be of significant benefit to the group," said Chairman David Mahony in a statement.
The group said it will continue to make acquisitions to enhance its technology portfolio.
OpSec Security shares were up 1.5% at 35.00 pence Thursday afternoon.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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