Wednesday, Infoserve Group Plc (INFS.L), an e-marketing company, reported a narrower loss for the first half of 2009, reflecting higher revenues and reduced overhead costs.
The U.K- based company's loss for the period was GBP 195 thousand, compared to a loss of GBP 609 thousand in the prior year. On a per share basis, loss narrowed to 1.02 pence from 3.19 pence in the same period a year earlier. The company said its prior-year results are restated.
Half yearly turnover increased 12% to GBP 2.95 million from GBP 2.64 million in the same period in 2008, achieved mainly through the improved efficiencies of the sales team.
The company posted EBITDA pre IAS 18 adjustment profit of GBP 69 thousand, in comparison with a loss of GBP 377 thousand in the year ago period, due to continued tight control of administrative costs.
Total administrative expenses declined to GBP 1.14 million from GBP 1.35 million a year earlier.According to Infoserve, the focus on its cost base has led to an increase in gross margin to almost 34%.
Further, the company said its board is not recommending a dividend, as all funds are required for the development of the business.
Steve Barnes, CEO of Infoserve Group plc, commented, "The second half has started well and we remain confident that the second half results will reflect continued higher average daily sales and cost control."
INFS.L is currently trading at 6.40 pence, up 0.40 pence or 6.67%.
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