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Amino Technologies swung to a profit as its transformation programme delivered cost cuts to keep margins steady offsetting the impact of a decline in revenues.
For the six months ended 31 May, the company reported a statutory pre-tax profit of £2.5m compared with a loss of £0.1m a year earlier, while revenues slipped 16% to £34.6m.
The company realised more than $5m of annualised cost savings in the half, as planned, ensuring its gross margin performance remained resilient despite challenging macro-economic conditions.
Looking ahead, the company said it had entered the second half of the year having completed its transformation programme on schedule and with a strong order book, backlog and pipeline coverage.
'Whilst we expect challenging market conditions to continue into the second half of the year, Amino's strategic and operational progress supports the Board's confidence of delivering full year performance in line with its previous expectations,' the company said.
At 9:21am: (LON:AMO) Amino Technologies PLC share price was +1.5p at 117.5p