(Alliance News) - Touchstar PLC on Monday said it swung to profit in the first half of 2020, thanks to lower expenses.
The supplier of mobile data computing services said revenue declined to GBP3.2 million in the six months to the end of June from GBP3.6 million a year earlier.
The company said the sales process was hampered by the impact of the Covid-19 crisis, as customer behavior evolved and it had to adapt to a changing environment and different ways of doing business.
Touchstar swung to a pretax profit of GBP130,000 compared to the GBP527,000 loss reported a year ago, as administrative costs were reduced to GBP1.5 million from GBP2.1 million year-on-year.
"Touchstar came into 2020 with momentum from a strong order book, clear strategic plans and a solid balance sheet. In the six months ended 30 June 2020, we have had to demonstrate resilience under crisis conditions," said Chair Ian Martin.
"Our motivation is not just to be a survivor of this crisis, the ambition is to emerge with solid finances, improved products, all our talent and renewed energy - we remain on track," added Martin.
AIM-listed Touchstar shares were trading 12% lower in London on Monday at 46.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Touchstar Plc (TST)