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Kalibrate Technologies PLC sees revenue rise

Published: 09:00 15 Mar 2016 GMT

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Kalibrate said cheaper fuel and its diverse customer base shielded it from the impact of lower oil prices

Petrol forecourt technology provider Kalibrate Technologies PLC (LON:KLBT) reported lower profits but said revenues and its order book were increasing.

Underlying pre-tax earnings before interest and other items in the six months to December 31 fell to US$1.4mln from US$2.3mln a year ago.

It blamed delays in pricing deals that were due to be signed off in the first half, but moved into the second half and have now got the go-ahead.

The group said a significant increase in revenue from market analysis and sales forecasting services drove a 2% rise in overall revenue to US$15.9mln.

Its order book at the end of December was US$42mln versus a total order book of US$41.4mln at the end of the 2014/2015 financial year.

Kalibrate acknowledged the sharp fall in oil prices, which it said could put integrated oil refiners and petrol retailers under capital pressures and lead to delays in capital spending, but it said the diverse nature of its customers, ranging from oil companies to convenience stores and hyper-markets, had helped to protect the business from the full impact of the price drop.

It added that cheaper fuel was benefiting retailers and that its technology had long-term benefits and helped customers to manage periods of volatility in fuel prices.

It said: "The group has not experienced any demonstrable effects on its business as a result of the lower crude prices; however, we continue to monitor the situation closely."

Chief executive Robert Stein said: "As we enter the second half, our deal pipeline is strong and the board remains confident that based upon our progress, the group is on track to meet expectations for the year as a whole."

Shares in Kalibrate fell 8p, or 7.8%, to 94.5p.

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