Touchstar PLC on Wednesday reported a boost in its 2023 profit and revenue, and said it had paid a final dividend after no payouts the previous year.

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

Revenue grew by 7.5% to £7.2 million in 2023 from £6.7 million the year before, with overseas revenue accounting for 9.8% of total revenue in the year, compared to 1.3% in 2022. Recurring revenue was up 8.7% at £2.9 million from £2.7 million a year ago.

This was driven by new customers gains and upgrading by the existing customer base, Touchstar explained.

Pretax profit jumped by 60% to £675,000 from £422,000 a year prior as a result.

Touchstar declared a final dividend of 1.5 pence per share, compared to none a year ago. This brought its full-year payout to 2.5p per share.

Looking ahead, the company said 2024 has started to plan, and therefore said its full-year expectations remain unchanged.

It added that it has budgeted up to £300,000 for share buybacks in 2024, but said that the exact level will be dependent on the availability of shares and the price.

Chair Ian Martin said: ‘2023 has resulted in another period of improved financial performance. To build on this progress we remain committed to providing the best customer service we can to our customers, investing into our products, services and platforms and continue to work to gain operational efficiency, aligning our cost structure with our revenue growth.’

Shares in Touchstar fell 6.3% to 89.00 pence each in London on Wednesday morning.

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