(Alliance News) - Arcontech Group PLC on Monday said it expects annual profit to be ahead of market expectations, as the company reaps the benefits of cost savings.
Arcontech is a London-based provider of real-time financial market data and services.
The company said that its turnover in the year ended June 30 is expected to be in line with market expectations. Adjusted earnings before interest, tax, depreciation and amortisation, and adjusted pretax profit are expected to be ahead of market expectations by about 31% and 49%, respectively.
It said that the results have been through a combination of lower than anticipated staff related costs arising from lower variable costs and delayed hires. These are expected to be one off savings, therefore expectations for the current financial year remain unchanged.
The results for financial 2023 are expected to be announced in early September.
Shares in Arcontech were down 0.6% to 63.64 pence each in London on Monday morning.
By Sophie Rose, Alliance News reporter
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Arcontech Group (ARC)