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Marlowe PLC on Thursday reported a large swing to profit from a loss in its six month results after the sale of assets, as its revenue increased. Marlowe, a provider of software and services for safety and regulatory compliance, completed the sale of some Governance, Risk and Compliance software and services assets for £430 million in June. The company also demerged its Occupational Health division in September. The company’s continuing operations now comprise the Testing, Inspection and Certification division. The company said revenue from continuing operations was up by 3.6% in the six months to the end of September to £151.7 million from £146.3 million year-on-year. The firm swung to a pretax profit of £161.7 million from a loss of £8.9 million in the same period last year. For continuing operations, it swung to a pretax profit of £2.4 million from a loss of £8.7 million last year. The company said it expects the UK budget to impact on margins in the near-term, but said it is confident it can mitigate additional costs in the medium-term with pricing and operational efficiencies. It said it expects £325 million of revenue and adjusted earnings before tax, interest, depreciation and amortisation around £40 million during financial 2025. Interim Non-Executive Chair Michael Ashcroft said: ‘The group has undergone significant change in the period to focus on the attractive TIC market...The group has a strong balance sheet and is well positioned to drive organic growth, margin enhancement and strong cash generation.’ Shares in Marlowe were up 1.3% to 318.00 pence in London on Thursday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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