(Alliance News) - RA International Group PLC on Monday said it returned to profit in 2023, but saw its annual revenue drop slightly.
Shares in RA International, a specialist provider of complex and integrated remote site services, rose 8.1% to 10.00 pence each in London on Monday morning.
Revenue dropped by 7.3% to around USD58.3 million in 2023 from USD62.9 million the year before, RA International said.
However, the firm nonetheless expects pretax profit to be approximately USD200,000, compared to a loss of USD13.0 million the prior year, making 2023 its first profitable financial year since 2020.
RA International also expects earnings before interest, tax, depreciation and amortisation to be approximately USD6.3 million, swinging from an Ebitda loss of USD4.1 million.
The company explained that in 2023, its focus had been "directed towards enhancing operational efficiencies over long term contracts, re-evaluating and renegotiating material costs that were adversely affected by inflation, while actively pursuing measures to minimise delays on contract implementation."
Chief Executive Officer Soraya Narfeldt commented: "The group's focus on stability and cash has delivered a strong and profitable result. The commitment by my colleagues, board and shareholders has enabled the group to regain its footing with a return to profitability and stability.
"We remain committed to delivering immediate results and lasting change giving customers the confidence that we are a company they can rely on who can do the job well and provide the right kind of support."
By Sabrina Penty, Alliance News reporter
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Ra Internation. (RAI)