Tialis Essential IT PLC on Monday reported a jump in half-year revenue as its loss became smaller.

The Edinburgh, Scotland-based IT service management company said pretax loss in the six months to June 30 narrowed to £653,000 from £1.2 million a year prior. Revenue surged 72% to £11.6 million from £6.7 million.

Cost of sales increased 86% to £8.0 million from £4.3 million.

Tialis Essential noted that six new lifecycle contracts have recently started or are about to start, as it touted a ‘very healthy pipeline of new prospects’.

Executive Chair Andy Parker said: ‘We will now see the benefit of the delayed contracts in H2 which fills us with confidence for the full year outturn to deliver against board expectations.’

He added that the firm noted a decline in the company’s share price and is considering share buybacks. Tialis Essential IT’s share price has declined 57% over the past 12 months, to 44.00 pence each on Monday from 102.50p on August 8, 2022. Tialis Essential shares at a price of 44.00p each were 1.2% higher on Monday morning than on Friday.

Looking ahead, the company said it continued to build its customer and revenue base, and aims to work with organic initiatives to demonstrate growth.

Executive Chair Andy Parker said: ‘We intend to expand our partner network and are also looking to expansion into Europe. The group will also consider growth through further acquisition and would consider synergistic targets that would expand and deepen our service offerings.’

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