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Blancco Technology books triple digit profit increase in first half

The mobile device diagnostics specialist reported a pre-tax profit for the six months to 31 December of £700,000, up 166% year-on-year

Blancco Technology Group - Blancco Technology books triple digit profit increase in first half

Blancco Technology Group PLC (LON:BLTG) has booked a triple digit rise in profits for its first half following what it said were “a number of significant contract wins” from new and existing customers.

The mobile device diagnostics specialist reported a pre-tax profit for the six months to 31 December of £700,000, up 166% year-on-year, while revenues rose 19% to £17.4mln.

Enterprise was the group’s stronger performing segment, with revenues up 28%, while the Mobile and IT Asset Disposition divisions both rose 15%.

The one weak point was cash generated from continuing operations, which slumped 45% in the period to £1.6mln as a result of acquisition costs and outflows from a new employee bonus scheme.

Looking ahead, Blancco said trading in the second half of the year was in line with its expectations, with chief executive Matt Jones saying the firm was “well placed to deliver sustained levels of revenue growth going forwards”.

The company’s house broker, Peel Hunt, reiterated their ‘buy’ rating and 173p target price, saying the “strength of execution is evident” while leaving their full year forecasts unchanged.

The shares jumped 2.9% to 194p in early deals on Tuesday.

Quick facts: Blancco Technology Group

Price: 186 GBX

AIM:BLTG
Market: AIM
Market Cap: £140.18 m
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