Gresham crawls back into the black

Real time financial solutions provider Gresham Computing said performance in the first half of 2010 was ahead of expectations as the company returned to profit.Total sales dipped to £4.3m in the first half of the year from £5.6m the year before, but the company edged into the black with a £0.1m pre-tax profit versus a loss of £1m the year before. The slide in revenue came about because of the disposal of non-core businesses.Adjusted earnings before interest, tax, depreciation and amortisation was £0.2m versus a loss of £0.4m in the first half of 2009.Cash at the end of June had improved to £1.9m from £0.7m at the end of 2009."These results present the first real financial picture of Gresham since the late 2009 restructuring and demonstrate the progress made so far," claimed Chris Errington, chief executive officer of Gresham.Errington added that the improved trading performance had continued into the third quarter of 2010.