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Holders Technology PLC on Wednesday reported an increased interim loss as costs outpaced revenue growth. The London-based company specialising in lighting components said pretax loss in the half-year that ended on May 31 was £507,000, widened from £226,000 a year prior. Revenue grew 12% to £3.9 million from £3.5 million. Overhead costs however increased 20% to £1.7 million from £1.5 million. Cost of sales increased 16% to £3.6 million from £2.2 million. Further, it incurred a finance expense of £18,000 compared to a gain of £1,000, amid a loss from joint ventures of £50,000, swung from a gain of £18,000. The company declared an interim dividend of 0.25 pence per share, halved from 0.50p a year before. Looking ahead, the company expects to benefit in the second half of financial 2023 from cost saving measures that it has implemented. Executive Chair Rudolf Weinreich said: ‘We remain cautious as regards our expectations for the second half of the current year. Despite the current economic situation and the consequent difficult market conditions, we remain confident for the longer term and continue to believe that performance will improve as markets settle.’ Holders Technology shares fell 3.7% to 65.00 pence each on Wednesday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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