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Arcontech reports fall in H1 profit; conditions in H2 to remain 'challenging'
StockMarketWire.com
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Financial market data software provider Arcontech reported a fall in first-half profit as higher investment costs offset an uptick in turnover.
For the six months ended 31 December 2020, pre-tax profit fell by 8% to £506,237 year-on-year, while turnover was up 4.7% to £1.5 million.
The fall in profit reflected 'the full cost of investment in our sales team,' the company said.
Looking ahead, pre-tax profit for the year to 30 June 2021 was expected to be in line with market expectations, it added.
'We expect conditions in the second half of the year to remain challenging. It seems unlikely that our sales team will have greater access to customers until at least the end of the year, however, we are confident that we will build on current growth once market conditions improve,' the company said.
At 8:55am: (LON:ARC) Arcontech Group PLC share price was 0p at 201p
Story provided by StockMarketWire.com
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