(Alliance News) - Arcontech Group PLC on Tuesday said profit fell slightly in the first half of its current financial year despite an increase in revenue.
The provider of products and services for real-time financial market data processing said revenue increased by 4.7% to GBP1.54 million in the six months to the end of 2020 from GBP1.47 million a year before.
Pretax profit decreased to GBP506,237, down 8.3% compared to GBP551,847, following an investment in sales people.
Arcontech said the market continues to be challenging with customer contact limited and decisions being delayed due to remote working. However, the company noted that the expanded sales team is making "good progress" growing the list of new customers.
"While the effects of the Covid-19 pandemic have continued to overshadow the market we have grown revenue with the addition of an important new customer and a significant upgrade to an existing tier one customer. At the same time we have maintained good profit levels after investing in future growth. We believe we are in a good position to accelerate growth once market conditions improve," said Chair Geoff Wicks.
Arcontech shares were trading 11% lower in London on Tuesday at 166.84 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Arcontech Group (ARC)