Triad Group PLC (AIM:TRD) shares dropped 17% in morning trading after the consulting firm reported a decline in revenue and profit for the year ended 31 March 2023, while maintaining its dividend.
The group recorded revenue of £14.9mln, down from £17.0mln in the previous year, while profit before tax dropped to just £9,000, down from £1.1mln, resulting in a loss after tax of £44,000 compared to a profit of £1.2mln in the previous year.
Cash reserves also decreased to £4.8mln from £5.3mln, but Triad's board proposed an unchanged final dividend of 4p per share, reflecting their confidence in the company's performance and future prospects.
In the annual report, Triad chairman Dr. John Rigg attributed the first-half performance to external economic and political factors but expressed satisfaction with the recovery in the second half, thanks to new business wins.
Around 9.10am in London, Triad shares were down 17.2% at 132.50p.