StockMarketWire.com - Triad Group has reported an increased loss before tax of £0.92m for the year to 31 March 2011 ( 2010 loss £0.61m).
Revenues fell by 14.3% to £23.3m ( 2010 £27.2m) as a consequence of the reduction in public sector expenditure.
Gross margins were under continued pressure throughout the year with gross margin as a percentage of revenue decreasing to 15.6% (2010: 17.4%).
Measures taken in the year to reduce the Group's overhead have seen administrative expenses reduce significantly in the year to £4.4m (2010: £5.2m). This includes exceptional costs relating to the reduction in headcount of £0.4m. These measures will generate a further reduction in overheads of 15% in the year ahead.
Management says that it is working hard to generate improved revenues from its streamlined businesses, however market conditions remain challenging.
At 8:21am: [LON:TRD] Triad Group PLC share price was -3.5p at 14.5p
Story provided by StockMarketWire.com
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