AIM-listed technology firm Progility saw shares rise 4 percent on Thursday, after reporting significant increases in both profit and sales over the last six months of 2016.
Progility reported a significant 22 percent growth in sales to investors, aided by both favourable exchange rate movements and organic growth.
Group revenues rose to £36.5 million, up from £30.0 million in 2015, with operating profit hitting £1.6 million. Profit before tax stood at £0.03 million, a significant increase on last year’s loss of £1.2 million. Progility’s gross profit margin was 34.9 percent.
The group operates in three main sectors, Professional Services, Healthcare and Communications. Whilst Professional Services revenues declined in the period, Healthcare continued to perform well and achieved a 12 percent increase in revenue. The group’s Communications arm performed best, seeing a revenue rise of 41 percent over the year.
Wayne Bos, Executive Chairman, commented:
“The Group has progressed in the first half of the financial year. This improvement is encouraging but does not yet meet what we would consider an acceptable performance
“Overall, we continue to pursue our strategic objectives, and we remain optimistic for the full year to June 2017. Management will continue to seek means to reduce costs and increase revenue, and to improve performance across all areas of the business.”
Shares in Progility (LON:PGY) are currently trading up 4 percent on the news at 1.17 (0942GMT).