Touchstar PLC on Monday said it is confident looking ahead to 2024, after seeing revenue and profit jump in the most recent year.

Touchstar is a Glasgow, Scotland-based supplier of mobile data computing solutions and managed services to a variety of industrial sectors.

In a trading update for 2023, Touchstar said that full-year revenue and profit is expected to be broadly in line with market expectations.

Over the year, revenue is expected to be up 7% whilst pretax profit is expected to have surged 60%. In 2023, Touchstar posted revenue oof £6.7 million and pretax profit of £422,000.

‘The tax charge is now anticipated to be materially lower than previous expectations and when this is combined with the beneficial effect of the share buybacks as a result earnings per share is now expected to be well above market expectations,’ Touchstar explained.

Looking ahead, Touchstar said it remains on track for 2024 to be a year of further revenue growth and progress in profitability.

Chair Ian Martin said: ‘Touchstar entered 2024 in good shape. In the market sectors in which we operate activity continues, which gives reassurance for the outlook in 2024. The medium-term prospects for the company have improved.’

Shares in Touchstar were up 2.1% to 96.00 pence each in London on Monday around midday.

Copyright 2024 Alliance News Ltd. All Rights Reserved.