Triad back in black

IT services company Triad Group reported revenue for the year to end-March of £19.4m: (2011: £23.3m), with operating profit £0.04m: (2011: £0.77m loss).

Earnings before interest, tax, depreciation and amortisation (EBITDA) were £0.3m (2011: £0.2m loss).

Profit after tax was £0.20m: (2011: £0.92m loss).

Gross profit as a percentage of revenue was 16.7%: (2011: 15.6%).

Revenue decreased to £19.4m (2011: £23.3m) primarily due to a continued reduction in public sector spending and the decision to focus on business offering relatively high margins. Earnings before interest, tax, depreciation and amortisation (EBITDA) has shown significant improvement to £0.3m profit (2011: £0.2m loss). The Group reports a profit after tax of £0.2m (2011: £0.92m loss).

Gross margin has also improved to 16.7% (2011: 15.6%) further to measures taken to reduce employment costs and improve utilisation in the Consulting & Solutions business, and a continuing effort to preserve gross margin in the Resourcing business.

Year end cash borrowings have reduced to £0.5m (2011: £0.8m).

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