Spot-on Stamford 126 Sep 2006 10:55
RCG 26 Sep 2006
LONDON (ShareCast) - Security solutions outfit RC Group rallied to its best ever today after reporting a massive increase in both interim profit and revenue.
The provider of biometric identification products, security and RFID systems, posted a 357% rise in pre-tax profit for the six months to 30 June to £6.4m, while revenue rocketed 371% to £22.6m, topping last year’s full year figure by 46%.
RC attributed the revenue hike to a big performance from existing biometrics products, new product sales, expansion into the Middle East and revenue contributions from acquired subsidiaries in Southeast Asia.
Strong organic revenue growth of 204% to £14m was driven by the expansion of RC’s product portfolio and client base, it said.
Looking ahead, it said, “Given our technological excellence, strong sales networks, talented employees and financial resources, we believe that the group is well positioned to continue its plan of growth for the foreseeable future.”
“With the increased revenues that we have achieved so far in 2006, we look forward to a promising future.”
Boss Raymond Chu added that the group will maintain its aggressive growth strategy in the second half, with an eye on potential acquisition targets as well as focusing on driving organic growth.