RE: 50% up11 May 2017 09:29
In addition to this improved revenue generation, the Group has successfully renegotiated the terms of the German retail division's contract with ECE. The resulting reduction in rental costs in 2017 means that this contract will now trade more profitably than had been anticipated previously.
As a result of the increased revenues and reduced costs, the Board now anticipates profit before taxation for the financial year ending 31 December 2017 will be approximately �1.1 million and Basic EPS will be approximately 4.5 pence.
Cash generation in the business has been strong during the year to date and this is also expected to continue throughout the remainder of the year. Management expects net cash for the year ending 31 December 2017 to be approximately �1.25million.
Matthew Bending, Chief Executive Officer, commented
"I am pleased to be able to report that 2017 has started strongly. The combination of better than forecast revenues and reduced costs along with the positive impact of the restructuring carried out in 2016 has meant that profitability so far this year has been ahead of expectations and I look forward to this continuing throughout the rest of 2017".