Touchstar issues profit warning after difficult end to 2016

5th Jan 2017 08:46

(ShareCast News) - Technology services provider Touchstar has warned that profits will only just break even for 2016 after some clients delayed contracts.The mobile data computing solutions specialist, which last year changed its name from Belgravium Technologies and whose clients include British Airways, GSK and Total, said it had endured a "difficult end" to the year, not only with deferred orders but as it had to provide for a significant bad debt."Touchstar made a great deal of progress during 2016 so it is naturally very disappointing to report this news," the company said in a statement on Thursday ahead of final results scheduled for mid-April.In the first half of last year the AIM-listed company had reported a £0.3m pre-tax profit from £4.1m revenue.Looking to provide some reassurance, the board was said to be comfortable with the current market expectations for 2017.