Servoca 1H Adjusted Pretax Profit GBP0.95M Vs GBP0.86M

16th Jun 2010 08:08

LONDON (Dow Jones)--Servoca PLC (SVCA.LN), a provider of public sector resourcing and outsourced services, announced Wednesday it made an adjusted pretax profit of GBP0.95 million for the six months ended March 31, 2010 compared with GBP0.86 million. MAIN FACTS: -Profit before taxation of GBP0.71 million (March 2009 GBP0.86 million) -Revenue down 14.8% to GBP25.64 million (2009: GBP30.10 million, including GBP2.28 million from closed businesses) -EPS of 0.58 pence (2009 1.45 pence) -Administrative expenses down 20.2% (excluding share based payments and amortization) to GBP5.92 million (2009 GBP7.42 million) -Net Debt reduced to GBP1.90 million (2009 GBP2.50 million) -Dividend: n/a -The Group is cash generative and has made substantial strides in improving the levels of net debt in the business. -This positions the Group positively for the future and it looks forward to developing the capabilities of the Group. -Despite the uncertainty surrounding public sector spending the Board believes the key markets of Healthcare and Education still hold relatively resilient long term prospects and the company also continues to pursue activities in the private sector. -Shares at 0707 GMT stood at 10 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires June 16, 2010 03:08 ET (07:08 GMT)