Castleton Tech stays on track after double-digit growth

9th Oct 2018 08:09

(Sharecast News) - Castleton Technology enjoyed double-digit organic growth of revenue and EBITDA during the first half of the year.The software and managed services provider for the public and not-for-profit sector reported strong operating cash conversion, facilitating a £1m reduction in net debt to £5.3m in the half-year ended 30 September.Chief executive Dean Dickinson said in the trading statement that he was pleased with the progress Castleton has made in the period, which meant the group was on course to meet expectations for the full yearDuring the six-month period, Castleton gained shareholder approval for a capital reduction process which will allow it to make distributions to shareholders if court approval is obtained."Our financial performance, along with a number of significant milestones previously reported to the market, including the acquisition of the financial modelling solution platform licence and securing a significant new managed services contract with Dumfries and Galloway housing partnership, represent a period of continued success and illustrate that we continue to deliver against our strategy," said Dickinson.Castleton's shares were unchanged at 100.50p at 0831 BST.