Pinnacle makes maiden operating profit

21st Feb 2011 15:32

Penny stock Pinnacle Telecom made its maiden operating profit last year, earning £0.08m in the year to 30 September 2010, after posting an operating loss of £0.58m the year before.Turnover rose 107% to £2.09m from £0.99m a year earlier, while the loss before tax narrowed to £0.27m from £0.90m. Cash at the financial year end amounted to £697,189, up 19% on £586,222 at the end of September 2009. "Notwithstanding the difficulties of the economic climate, we aim to search out earning-enhancing bolt-on acquisitions, with a focus on delivering cloud based IP [internet protocol] solutions, and we look forward to moving the business forward during 2011," the group's chief executive, Alan Bonner, said.