Touchstar revenues and profits boosted by increased shipments

5th Feb 2020 11:02

(Sharecast News) - Mobile computing solutions provider Touchstar said on Wednesday that it had completed a higher level of shipments to customers during 2019 than anticipated, boosting its revenues and profits.
As a result, Touchstar now expects to report full-year revenues of £7.1m, slightly ahead of previous guidance and up 8% on a continuing basis.

The AIM-listed firm also said its financial result for 2019 would be "better than anticipated" both before and after taxes.

Given Touchstar's "solid cash generative character", the improved trading position translated into strong positive cash flow and the group's cash position was now stronger than expected at £849,000.

Touchstar added that its order inflow had continued to be "encouraging". At the year-end, its order book stood at £1.2m and had subsequently increased to roughly £1.7m.

Chairman Ian Martin said: "The board is delighted that the company has had a stronger than anticipated finish to 2019 and to be entering 2020 with an encouraging order book.

"We expect to provide a further update on the outlook for 2020 as part of the announcement of the final results in April."

As of 1100 GMT, Touchstar shares had shot up 10.23% to 48.50p.