(Alliance News) - Touchstar PLC on Monday said it is confident looking ahead to 2024, after seeing revenue and profit jump in the most recent year.
Touchstar is a Glasgow, Scotland-based supplier of mobile data computing solutions and managed services to a variety of industrial sectors.
In a trading update for 2023, Touchstar said that full-year revenue and profit is expected to be broadly in line with market expectations.
Over the year, revenue is expected to be up 7% whilst pretax profit is expected to have surged 60%. In 2023, Touchstar posted revenue oof GBP6.7 million and pretax profit of GBP422,000.
"The tax charge is now anticipated to be materially lower than previous expectations and when this is combined with the beneficial effect of the share buybacks as a result earnings per share is now expected to be well above market expectations," Touchstar explained.
Looking ahead, Touchstar said it remains on track for 2024 to be a year of further revenue growth and progress in profitability.
Chair Ian Martin said: "Touchstar entered 2024 in good shape. In the market sectors in which we operate activity continues, which gives reassurance for the outlook in 2024. The medium-term prospects for the company have improved."
Shares in Touchstar were up 2.1% to 96.00 pence each in London on Monday around midday.
By Sophie Rose, Alliance News senior reporter
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Touchstar Plc (TST)