Blancco Technology Group (AIM:BLTG) PLC saw its shares gain over 10% on Tuesday morning after the data erasure and mobile lifecycle solutions provider announced strong growth in revenue and profits for the first six months and said it is confident of meeting its full-year expectations.
In the first half to 31 December 2022, revenue grew by 16% at constant exchange rates to £24mln, with underlying profit (adjusted EBITDA) increasing to £8mln from £6.4mln in the same period the year before.
"These results for the first six months of the financial year show strong double-digit growth in revenue, profit and cash despite the macro-economic challenges seen in many of the territories in which we operate,” commented Blancco chief executive Matt Jones in the results statement.
The company said it continues to trade well and entered the second half with a strong pipeline of opportunities, supported by strengthening regulatory and environmental drivers.
“Existing and upcoming regulation on data security coupled with near-term legislation on sustainability means Blancco's proposition is more relevant than ever before, and the board remains confident in the continued growth prospects of the company," added Jones.
At 9.50am, Blancco shares were trading 10.74% higher at 180.50p.