Touchstar exceeding expectations in year so far

23rd Jun 2021 10:33

(Sharecast News) - Mobile and access control system company Touchstar updated the market on its trading on Wednesday, reporting that recent encouraging trends had continued across the business, with its performance for the year-to-date exceeding its own expectations.
The AIM-traded firm said that was achieved by favourable revenue development, an increase in margins, and continued tight management of expenses.

It said the order book was building back up, having increased more than 50% since the year-end, currently standing at more than £0.75m.

"Reassuringly it is beginning to include orders from sectors most impacted by the pandemic," the board said in its statement.

"A key focus for management is upon achieving an increasing percentage of sales from long term recurring revenue contracts."

In the year-to-date, the directors said those revenues were up 12%, compared to the equivalent period last year.

"We expect a strong first half performance to, at a minimum, underpin the full year results.

"We will more formally update expectations for both 2021 and future years when we release the group's interim results, which we expect to be announced by the middle of September."

At 0950 BST, shares in Touchstar were up 12% at 81.2p.