(Alliance News) - Merit Group PLC shares jumped on Thursday, after it said its annual results are ahead of market expectations.
Shares in the London-based data technology company were up 16% to 62.00 pence each in London on Thursday afternoon.
Merit expects to report revenue of GBP19.9 million in the year ended March 31, from GBP18.6 million. Adjusted earnings before interest, tax, depreciation and amortisation is expected to come in at GBP4.0 million, up from GBP2.7 million.
The company said the results are about 10% ahead of market expectations.
Prextax profit is expected to swing to GBP1.2 million from a loss of GBP200,000. This marks the first profit reported since financial 2018.
Commenting on the results, Chief Executive & Chief Financial Officer Phil Machray said: "These results for the first full year post the 2022 disposals clearly show the potential of our two operating businesses."
By Sophie Rose, Alliance News senior reporter
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Merit Group (MRIT)