React Group PLC on Thursday said its revenue jumped after a strong trading period, while net loss narrowed.
The Birmingham, England-based cleaning, hygiene and decontamination firm said revenue for the first half of the year ended March 31 shot up by 82% to £9.3 million from £5.1 million a year prior. React cited robust trading, contract wins and good sales growth across all divisions.
Net loss in the six-month period narrowed to £86,000 from £92,000.
Cost of sales rose 70% to £6.8 million from £4.0 million, while administrative expenses doubled to £2.5 million from £1.2 million.
Looking ahead, React said trading in the second half of the year has continued well building on the momentum of the first half, and expects its full-year results to be in line with market expectations.
Chief Executive Officer Shaun Doak said: ‘The enhanced mix of recurring revenue and increased margins provides the business with greater visibility and a more dependable revenue stream. This combined with the strength of our pipeline for the remainder of the year provides the board with cautious optimism.’
Shares in React were up 2.1% at 1.33 pence each in London on Thursday morning.
Copyright 2023 Alliance News Ltd. All Rights Reserved.
