Triad Group PLC on Thursday said profit and revenue had dropped in a ‘disappointing’ first half.
The Godalming, England-based technology consultancy recorded a loss for the first six months ended September 30 of £413,000, swinging from a profit of £673,000 a year prior.
Revenue fell 17% to £7.1 million from £8.6 million a year ago, while administrative expenses had increased by 13% to £1.8 million from £1.6 million in financial 2022.
Chair John Rigg said the results of the first half ‘are entirely due to external factors beyond our control’.
‘There is little point in rehearsing at length an unprecedented set of circumstances including war, effects of Covid-19, and a near paralysis in some areas of government procurement as a result of political turmoil,’ Rigg said.
‘These factors have caused extraordinary delays in awarding new contracts and processing the associated paperwork,’ he said.
The ‘vital signs’ of Triad, such as cash, margins and control of overheads remain ‘extremely robust’, the company said.
The beginning of the second half has also seen an upturn in new business wins and bidding activity, according to the group.
Triad declared an interim dividend of 2.00 pence per share, unchanged from the year prior.
Triad shares were down 18% trading at 109.00p per share on Thursday morning in London.
Copyright 2022 Alliance News Limited. All Rights Reserved.
