RA International Group PLC on Monday said it returned to profit in 2023, but saw its annual revenue drop slightly.
Shares in RA International, a specialist provider of complex and integrated remote site services, rose 8.1% to 10.00 pence each in London on Monday morning.
Revenue dropped by 7.3% to around $58.3 million in 2023 from $62.9 million the year before, RA International said.
However, the firm nonetheless expects pretax profit to be approximately $200,000, compared to a loss of $13.0 million the prior year, making 2023 its first profitable financial year since 2020.
RA International also expects earnings before interest, tax, depreciation and amortisation to be approximately $6.3 million, swinging from an Ebitda loss of $4.1 million.
The company explained that in 2023, its focus had been ‘directed towards enhancing operational efficiencies over long term contracts, re-evaluating and renegotiating material costs that were adversely affected by inflation, while actively pursuing measures to minimise delays on contract implementation.’
Chief Executive Officer Soraya Narfeldt commented: ‘The group’s focus on stability and cash has delivered a strong and profitable result. The commitment by my colleagues, board and shareholders has enabled the group to regain its footing with a return to profitability and stability.
‘We remain committed to delivering immediate results and lasting change giving customers the confidence that we are a company they can rely on who can do the job well and provide the right kind of support.’
Copyright 2024 Alliance News Ltd. All Rights Reserved.
