Triad group (LON:TRD) posted a boost in interim profits, after various effective saving initiatives had driven down costs.
Amid challenging market conditions, the firms ongoing move to increase profitability, led to gross margin as a percentage of revenue improving to 16.8 percent.
Nevertheless, as anticipated, revenue fell compared to the year previously. Specifically, the information technology services company said pre-tax profit rose to £0.76 million, from £0.69 million, after revenue dipped to £14.24 million, from £14.83 million.
In addition, the company announced an interim dividend of 0.5p per share, compared to nothing for the year before.
Future Outlook
Looking ahead, the company commented in a statement on future outlook:
“Plans to further improve profitability are progressing well. Gross margin remains the key focus, achieved through improvements in daily rates and utilisation levels.”
It continued: “Strategies to support this include access to new frameworks, an example being the pan-Governmental Management Consultancy Framework on which Triad has just been awarded a place within the ICT & Digital lot.”
Other plans expand its business into the private sector, in particular Financial Services, include using its “extensive delivery credentials combined with some niche technical expertise around emerging technologies”.
The company continues to be extensively involved with The Ministry of Justice, The Home Office, and Highways England. Within the private sector, its clients include operations a global bank, alongside the provision of a resources to a multi-national engineering firm.
In addition, the business acquired new business through the development of a new platform at Department for Transport, alongside work for the Cabinet Office.
Shares in Triad Group are currently up 5.31 percent as of 11.24PM (GMT).
The UK based technology firm was founded back in 1988 and is based predominately in Surrey and Milton Keynes.