APC Technology reports on a tough 2015

8th Jan 2016 08:55

(ShareCast News) - APC Technology was reportedly bouncing back from a tough 2015 this week, having released its annual results several months after year end.The AIM-listed technology and service provider made the announcement to the market on Friday morning.APC's revenues saw a healthy increase in the year to 31 August 2015, up 51% to £31.1m. Of that, £21m was recurring or repeat revenue across its 1,500 customers.The company also saw a 13% increase in like-for-like revenues, excluding its acquisition of Green Compliance. Gross profit before costs was up slightly, from £7.6m a year earlier to £7.8m.However, its operating loss widened from £0.6m to £1.1m, with a final post-tax loss for the year of £5.8m, after £3.9m in exception costs, including discontinued activities.A year earlier, the company made a £0.3m post-tax profit."Our focus post period end has been to execute on the operational review, improving profitability and enhancing growth", said APC Technology chairman Leonard Seelig.Seelig said that under the guidance of the firm's new chief executive, Richard Hodgson, the group was now focusing on the potential of its profitable businesses through winning new customers and capitalising on cross-selling opportunities.After the period end, APC Technology implemented an operational review and reported that "good progress" had been made.It also restructured its board to focus on a cross-selling strategy between the energy, water and component distribution customer bases.APC also rationalised its non-core businesses, with cost saving initiatives set to deliver £1m in annualised cost savings, with a strengthened order book and significant new contract wins also reported since year end."FY2015 was a challenging year for APC, but with the business now stabilised and a clear new strategy in place, there is cause for a renewed sense of optimism", said Seelig.