Triad Group PLC on Wednesday reported weak financial results for the last year, although boasted a strong start to the current year.

The Godalming, England-based technology consultant said in the year that ended March 31, the company swung to a £1.0 million pretax loss from a £9,000 pretax profit the year prior.

Revenue declined 6.0% to £14.0 million from £14.9 million.

Unchanged from last year, Triad proposed a 4 pence per share final dividend that brings the total for the year to 6p.

The revenue slump was attributed to a decline in levels of consultant utilisation, primarily in the first half of the year.

Chair John Rigg said: ‘New business wins in the second half generated a much improved revenue performance utilising in part the previously benched employees and, critically for future financial periods, a large increase in the number of fee earning consultants.

‘I can now confirm that our progress since the year end has shown that my words have turned out to be a very substantial understatement. A transformation of our results is now being achieved in the current financial year.’

After securing multiple contracts over the period with a value in excess of £25 million, Triad has become less dependent on a limited number of specific clients and in turn the consultant headcount continues to rise in the current year.

‘We are continuing to recruit at pace and of the highest quality. Our cash flow is very strong, and we are bidding for major further lines of business. Our orderbook is also extremely healthy and we are already aiming up to two years ahead in our efforts to win new major contract,’ Triad said.

Triad shares were down 7.6% to 268.00 pence each in London on Wednesday morning.

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