Touchstar revenue grows 3%

Writer, Stock Market Wire
Thursday, April 26, 2018 - 07:28

Touchstar, a supplier of mobile data computing solutions and managed services, increased its revenue by 3% to £7,868,000 in 2017.

This comprised of a relatively weak first half to the year, combined with a stronger second half in which sales growth reached 12% over the comparable period in 2016.

Margins fell slightly due to product mix and increased spending as the company moved towards a more growth-orientated phase.

Trading profit for the year fell by £91,000 to £380,000.

The group has decided to write down the full carrying value of goodwill due to the changing balance from its hardware routes towards a software solutions business.

This impairment charge of £3,824,000 for the financial year 31 December 2017 when added to other exceptional costs of £141,000 results in the group reporting a loss attributable to shareholders for the year of £3,585,000 compared to a profit of £475,000 in 2016.

Adjusted earnings per share before exceptional items are down slightly to 6.02p per share from 7.53p per share.

Ian Martin, chairman of Touchstar, said: "The group needed to change to have a vibrant future and, as we move to scale the business, we have arrived at the point where there is no turning back. Whilst this may seem a little scary it is very exciting.

"Touchstar has what we believe to be a real opportunity. The success of the fundraising at the start of the current year gives us the financial ability to execute our full plan. Whether we succeed or not is down to us, we have to be braver and more ambitious, the upside if we get this right could be considerable. We are focused upon making this happen."

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