Porta Communications PLC (PTCM) said the outlook was “undoubtedly strengthening” after reporting that a decent start to the year had been derailed by the UK’s vote to quit Europe.
"After the first five months the group was running ahead of budget,” said chief executive David Wright.
“In our May 2016 trading statement, however, we indicated that the uncertainty caused by the referendum and the subsequent Brexit vote had a marked impact on project work in the UK where we are particularly exposed to the housing and property sectors.”
The marketing and communications specialist said revenues for the six months to June 30 were slightly ahead at £17.8mln, while underlying earnings (EBIDTA) fell to £692,000. EBITDA was virtually flat after adding back a £120,000 impairment of collateral held on a loan.
Star of the show was the Asia-Pacific region, where organic growth was 11%.
New client wins including included Permira, Legal & General Investment Management and the Rugby Football Union.
“The outlook is undoubtedly strengthening all the time now that the Brexit vote is behind us, but we cannot relax our resolve in growing the business,” said Wright.
“We can say with confidence that the platform is there to continue driving the business forward.”
Porta said non-executive director Brian Blasdale will be step down from the board at the end of November to be replaced by John Foley.