(Alliance News) - Merit Group PLC on Wednesday said it swung to a half year profit as revenue jumped.
Shares in Merit climbed 36% to 74.00 pence each in London on Monday morning.
The London-based data technology company said it swung to a pretax profit of GBP529,000 in the six months to September 30 from a loss of GBP253,000 a year prior.
This was driven by an 8.8% rise in revenue to GBP9.9 million from GBP9.1 million in the first half of 2022.
Merit did not declare an interim dividend, unchanged from last year, as its focus "remains on maintaining financial flexibility and repositioning the business for future growth."
Looking ahead, the company said it is confident in its ability to "build on the progress already achieved," citing its "deep technology skills" and "increasing use of [artificial intelligence]."
Commenting on the results, Chief Executive Officer David Beck said: "Despite challenging economic conditions, the group is accelerating its revenue growth whilst also increasing its margins. Both operating businesses are working to detailed growth plans which, when combined with their high levels of subscription or recurring revenue and operational gearing, is helping to drive profitability faster than revenue growth."
By Sabrina Penty, Alliance News reporter
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Merit Group (MRIT)