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LONDON (Alliance News) - Shares in touch technology firm Zytronic PLC fell Thursday as it said various issues mean profit for its recently ended financial year will miss expectations.
Zytronic was trading at 389.00 pence per share early on Thursday, down 8.5%.
Second half revenue for its year ended September 30 improved by 10% year-on-year, meaning annual revenue is to meet expectations of GBP22.3 million. In its last financial year, the company recorded revenue of GBP22.9 million.
However, this new business required "new designs and production techniques" which hit margins, while a "spurious" patent claim also brought extra costs.
The company now expects pretax profit to be between GBP4.2 million and GBP4.5 million, without litigation costs, compared with GBP5.4 million pretax profit recorded a year before.
Zytronic is cash generative, and in a "robust" cash position. It has several pipeline opportunities, it continued, to help "materially" improve future performance.
