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Pinnacle Technology's shares plunge as full year earnings loss widens

Fri, 22nd Jan 2016 15:43

(ShareCast News) - Shares in Pinnacle Technology Group plunged on Friday after the company widened its full year earnings loss as revenues fell.In the year to 30 September 2015, earnings before interest, tax, depreciation and amortisation came to a loss of £572,000, compared to the prior year's £512,000 loss.Revenue fell to £7.9m from £8.4m the previous year, reflecting a poor performance at its IT Security division and its traditional telecommunications services."These revenue reductions arise primarily in our fixed line telecommunications services, where, like many in the industry Pinnacle Technology suffers from a declining market in fixed line voice and telephony calls; the less attractive aspects of our IT Security services; and the previously reported acts of wilful misconduct," the company explained in a statement.Nevertheless, the loss after tax narrowed to £1.3m from £1.8m, as the group reduced operational costs.Chairman James Dodd said the company has made a considerable effort to address legacy issues, resulting in the business being in a "cleaner state"."The impact of the previously reported acts of irregular behaviour has been worked through," he said."Poor performing areas of the business have been reduced or exited, whilst we have invested in stronger areas of growth."Separately, the company announced it would buy information technology services companies Ancar-B Technologies Ltd and Weston Communications Ltd for a combined £5m in cash and shares.The acquisition will be funded by raising £4.55m through the issue of 108.4 million shares at 4.2p each.Shares were down 27.67% to 8.50p at 1605 GMT.
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27 May 2016 10:37

Pinnacle Technology buys adept4

(ShareCast News) - Pinnacle Technology has bought cloud based IT services provider adept4 for £5.5m. The AIM-listed company said the acquisition was funded through the issue of £5m of unsecured loan note to its business growth fund. An initial consideration of £4.5m will be paid in cash and a defer

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27 May 2016 09:38

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27 May 2016 07:41

Pinnacle Technology To Change Name After Acquisition Of adept4 (ALLISS)

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16 May 2016 08:07

Pinnacle Technology Agrees Sale Of Pinnacle CDT Amid Repositioning

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3 May 2016 07:28

Pinnacle Technology Agrees Sale Of RMS Amid Review

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16 Mar 2016 16:06

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14 Mar 2016 08:13

Pinnacle Technology Buys Up Remaining Stake In Accent Telecom North

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15 Feb 2016 11:22

DIRECTOR DEALINGS: Pinnacle Technology Non-Executive Ups Interest

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11 Feb 2016 11:23

DIRECTOR DEALINGS: Pinnacle Technology Non-Executive Bolsters Stake

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10 Feb 2016 14:46

Pinnacle Technology completes placing and open offer

(ShareCast News) - Shareholders in Pinnacle Technology were proving their loyalty to the firm on Wednesday, with the company revealing its previously-announced open offer had been significantly oversubscribed. On 22 January, the AIM-traded provider of converged technology solutions announced it had

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10 Feb 2016 10:25

Pinnacle Technology Raises GBP4.8 Million In Placing, Open Offer (ALLISS)

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22 Jan 2016 17:00

LONDON MARKET CLOSE: Oil Rebound, Draghi Comments Lift Global Stocks

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22 Jan 2016 14:04

UPDATE: Pinnacle To Buy IT Services Firms In Strategy Shift (ALLISS)

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22 Jan 2016 12:12

LONDON MARKET MIDDAY: Oil Bounce, ECB Stimulus Hopes Drive Stock Rally

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