Pinnacle Technology reports narrower loss; appoints Simon Duckworth as non-exec director

29th Jun 2015 08:19

Pinnacle Technology posted a narrower loss in the first half, after raising £1.4m with share placements.In the six months to 31 March, the group's pre-tax loss more than halved to £0.56m, from £1.19m a year earlier.Sector-wise, IT services saw the most improvement, almost doubling to £0.63m from £0.35m, while operating expenses fell from £2.5m to £1.8m. This offset a slight decline in revenue, which dipped to £4m from £4.3m.The outlook remained positive, with the company highlighting that 88% of revenues were recurring and that exceptional one-off costs remained out of the picture."We said it would take time to turn the business around, as seen by these results, but we remain confident that the leaner, more focused organisation will return to profitable revenue growth," said chief executive Nicholas Scallan."This confidence is further supported by the recent funding round that considerably strengthens the Company's balance sheet, with the substantial investment from two of the company's existing institutional shareholders," he added.In separate news, Pinnacle appointed Simon Duckworth as non-executive director with immediate effect."We welcome Simon to the board of Pinnacle Technology. He has a depth of valuable experience and breadth of interest that further strengthens the Board, and we much look forward to working with him," said chairman James Dodd.As of 9:15 BST, Pinnacle was trading 0.7% higher at 7.1p.