APC Technology Swings To Interim Loss On Acquisitions, But Sales Rise

LONDON (Alliance News) - APC Technology Group PLC Thursday reported a pretax loss in the first half of its financial year even though revenue grew, as it booked costs associated with acquisitions and restructuring.

APC, which provides sustainable technology and services, reported a pretax loss in the six months to February 28 of GBP732,000, compared with a pretax profit of GBP761,000 in the same period the year before, as it booked a GBP847,000 charge relating to restructuring costs and its acquisition of water hygiene and treatment company Green Compliance PLC.

However, revenue grew 19% to GBP14.5 million from GBP12.1 million.

"The first half has been a period of further progress and expansion for the group. There has been a great deal of investment to support the board's longer-term growth strategy and we're already starting to see strong sales to support this approach, which should provide investors with reassurance that the group is moving in the right direction," Chief Executive Mark Robinson said in a statement.

"I'm confident that the foundations are now being laid in the right way to support dramatically improved profitability in the near future," Robinson added.

Shares in APC were trading up 3.4% at 16.80 pence Thursday morning.

By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews

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