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LONDON (Alliance News) - Shares in Triad Group PLC are trading up more than a third Thursday after it posted a rise in pretax profit for its recently ended financial year, and said it expects to see more investment in both the public and private sector as UK economic confidence increases.
The IT resourcing and services company posted a rise in pretax profit of GBP352,000 for the year to end-March, up from GBP11,000 a year before, as revenue rose to GBP23.5 million from GBP19.7 million.
Shares in Triad are up 41% at 21.88 pence Thursday morning.
The company attributed its revenue growth to an increase in contractor numbers in its Resourcing business, and improve utilisation in its Consulting business. Gross margin declined slightly to 14.1% from 14.5%, which was due to a higher proportion of the Resourcing business being conducted at lower margins compared to the previous year.
Triad said it expects to improve its work-winning rate in the UK government sector, and following a small number of successes in the National Health Service and health sector generally it plans to increase its presence in this area. It also expects more investment in the private sector as a result of increasing economic confidence and an emphasis on productivity and innovation.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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