LONDON (Alliance News) - Cerillion PLC on Monday said it swung to a loss in the first half of its financial year due to the timing of certain "major" contracts.
The customer relationship management software provider expects progress in the second half of the year however.
For the six months to March 31, Cerillon posted a pretax loss of GBP745,295 compared to a GBP472,231 profit in the comparative period a year ago.
Revenue fell to GBP7.0 million from GBP8.4 million due to the timing of contract closures, the firm explained, with a "major" contract worth USD8.3 million signed in February and an additional deal, worth over GBP10 million "in final stage negotiations".
Despite the swing to a loss, Cerillion proposed an interim dividend of 1.6 pence per share up 6.6% of last year's interim 1.5p payout.
"Cerillion has continued to make good progress and the company's overall pipeline of new business is up by a third, year-on-year. This includes two significant contracts that we expect to close in this financial year. Results in the first half reflect the timing of contract closures, and while results are below last year's level, we believe that the company remains well-positioned to deliver its full year performance targets," Chief Executive Officer Louis Hall said.
Cerillion shares were trading down 0.1% at 141.88p each on Monday.
Cerillion (CER)