TPXimpact Holdings PLC shares were up on Friday, after it raised its revenue forecasts for its new financial year.

Shares in TPXimpact were up 4.2% to 43.25 pence each in London on Friday morning.

The London-based IT consulting firm said trading in the fourth quarter of the financial year ended March 31 was at the higher end of previous guidance.

It explained that new business generation was strong during the fourth quarter, totalling £36 million. It added that April marked a record for the company with new business wins exceeding £80 million

As a result, TPXimpact now expects to report revenue of about £83 million with an adjusted earnings before interest, tax, depreciation, and amortisation margin of approximately 3%.

In November, TPXimpact posted revenue of £40.4 million in the first half of its financial year, up 7.7% from £37.5 million the year before. It also swung to a pretax loss of £4.3 million from a profit of £883,000.

Then, in January, the company said revenue in its third quarter to December 31 fell by 3.9% to £19.0 million from £19.8 million a year ago.

At the time, it lowered its full-year revenue outlook to £80 million, down from £90 million. In financial year 2022, TPXimpact reported revenue of £78.7 million.

Looking ahead, TPXimpact raised its guidance on organic revenue growth range to 15% to 20% for financial 2024, up from 10% to 15% previously. It is also Targeting an adjusted Ebitda margin of 5% to 6%.

It expects margin improvement to be weighted to the second half of the year, the company added.

TPXimpact said committed revenue for financial 2024 is currently around £80 million, which compares with £41 million at the same time last year.

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