StockMarketWire.com - Castleton Technology swung to a loss in the first half of the year as a decline in one-off revenues and a slower-than-expected reorganisation of the business hurt performance.

For the six months ended 30 September 2019, the company reported a pre-tax loss of £0.2m, compared with a profit of £0.5m a year earlier, as revenues decreased 10% to £11.6m.

Organic revenues fell 13%, driven by lower one-off revenues, and adjusted Ebtida fell 3% to £2.9m.

'We have focussed our efforts on recurring revenue and building a strong future revenue base, and whilst this reorganisation has created short-term disruption, it will result in the streamlining of our sales and delivery functions,' the company said.

'The company is confident that revenue, EBITDA and cash generation will show a material improvement in the second half of the year,' it added. At 8:25am: [LON:CTP] Castleton Technology share price was +3.5p at 66.5p



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