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Dods expects to swing to positive annual earnings; eyes name change to Merit Group
StockMarketWire.com
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Data and intelligence business Dods said it expected to swing to positive core earnings amid strong recovery in the second of the year following the pandemic impact.
Adjusted earnings before tax, depreciation, amortisation of intangible assets, share based payments and non-recurring items, or EBITDA, for the full year was expected to be at least £1.8 million compared with an adjusted EBITDA loss of £0.2 million in the first half.
'Dods technology's achieved double digit net income growth in the second half when compared to the first - with increased spend from existing clients, new project wins and a rebound in some tactical revenues which had been impacted by Covid19, in the earlier part of the year,' the company said.
The year-end net cash was forecast to be no less than £0.4 million, down from £1.4 million seen at 31 March 2020.
The company also said it would seeking to change the ultimate parent company name from Dods Group to Merit Group.
'The acquisition of Meritgroup Limited in 2019 gave a new focus to the group's strategic direction and changed the business mix,' the company said.
Story provided by StockMarketWire.com
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