Marlowe PLC on Tuesday reported that its annual loss widened, as final and administrative costs jumped.
In the financial year ended March 31, the London-based business-critical services and software company reported that its pretax loss widened to £10.9 million from £6.9 million a year ago.
Total finance costs jumped to £20.5 million from £13.3 million. Total administrative expenses rose to £208.1 million from £182.6 million.
However, revenue jumped 8% to £503.2 million from £465.7 million a year earlier. It explained that revenue increased as a result of both organic growth and contributions from bolt-on acquisitions during the period.
Marlowe said the new financial year has ‘started well.’ It expects to deliver mid-single digit organic revenue growth across its TIC division and maintain Occupational Health revenue.
Interim Non-Executive Chair Michael Ashcroft said: ‘Looking forward the group has a clear focus on driving organic growth, delivering margin improvement and converting this into strong cash flow performance.
‘This focus and our strong balance sheet supports the board’s confidence in the business going forward.’
Shares in Marlowe were down 0.8% to 449.42 pence each in London on Tuesday morning.
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