Earthport today announced interim results for the six months ended 31 December 2005.
- Strategic review completed during the period and benefits from its implementation starting to flow in the second half
- Net Liabilities reduced by 60% to £3.9m (30 June 2005: £9.7m as restated)
- £4.4m equity and £0.6m convertible loan stock raised during the period
- Follow-on funding of up to £6.2m available
- Turnover up 5% to £395,000 compared to the second half of last year
- Operating losses reduced by 26%
- Pre-tax profit of £468,000 compared to a loss of £2.8m for the comparative period, after an exceptional gain on the reorganisation of debt of £2.6m
- Basic earnings per share of 4.4p (2004: loss 38.5p)
Mike Harrison, Executive Chairman of Earthport, commented: "We are now beginning to see the benefits of the strategic review and the refocusing and reorganisation of the Company. This is reflected in the agreements that have been entered into over the last few months, which are now producing revenue growth."
We are optimistic that the second half of the year will show an improvement over the first half both in terms of revenue and operating contribution. We are continuing to identify opportunities for further agreements which should enhance both our distribution channels and our customer base."Download the document now 79.2 kb (Adobe Acrobat Document)