Arcontech confident of long-term prospects as interim profits soar

27th Feb 2019 08:04

(Sharecast News) - Data processing outfit Arcontech saw profits soar in the first half of its trading year thanks to a double-digit increase in revenues.Arcontech turned in a 91% higher pre-tax profit of £452,756 in the six months ended 31 December after revenues grew 13% to £1.37m. Recurring revenues increased 14% to £2.78m.While no interim dividend was proposed, the AIM-listed group reported earnings per share of 3.72p each compared to the 2.36p turned in a year earlier.The company said its financial position remained "strong" with cash balances at £3.23m as of 31 December, an increase of £567,895, providing the firm with a "sound basis for continued investment".Chairman Richard Last said: "The board is pleased with Arcontech's growth in revenue and adjusted profit before tax."Our sales cycle is often long and unpredictable however we remain positive about the group's long-term prospects and the board expects results for the full year to be in line with expectations."As of 1105 GMT, Arcontech shares had shot up 12.42% to 143.90p.