Merit Group PLC shares jumped on Thursday, after it said its annual results are ahead of market expectations.
Shares in the London-based data technology company were up 16% to 62.00 pence each in London on Thursday afternoon.
Merit expects to report revenue of £19.9 million in the year ended March 31, from £18.6 million. Adjusted earnings before interest, tax, depreciation and amortisation is expected to come in at £4.0 million, up from £2.7 million.
The company said the results are about 10% ahead of market expectations.
Prextax profit is expected to swing to £1.2 million from a loss of £200,000. This marks the first profit reported since financial 2018.
Commenting on the results, Chief Executive & Chief Financial Officer Phil Machray said: ‘These results for the first full year post the 2022 disposals clearly show the potential of our two operating businesses.’
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