REG - Touchstar PLC - Trading Update

TouchstarAnnouncement

26/07/2022 08:15

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RNS Number : 7459T  Touchstar PLC  26 July 2022

 

Touchstar plc

(the "Company", "Touchstar" or the "Group")

 

Trading update for the six months to 30 June 2022

 

Trading continues to be positive

 

The Board of Touchstar plc ((AIM:TST) 'Touchstar', the 'Company' or 'the
Group'), suppliers of mobile data computing solutions and managed services to
a variety of industrial sectors, is pleased to announce the following trading
update for the six months ended 30 June 2022 (the "Period").

Highlights for the Period include:

 

·    Revenue growth of 7% to £3.1m (H1 2021: £2.9m)

·    Recurring revenue growth accelerated increasing by 18% to £1.3m ( H1
2021: £1.1m)

·    Substantially higher profitability achieved

·    Significant 75% rise in order book rose to £1.1m (H1 2021: £0.6m)

 

The positive trends in trading and customer activity within the business
continued in the Period. Progress was made in profitability, cash generation
and continued innovation of our products and services.

In comparison to the same period in 2021 revenue for the Period was 7% higher
at £3.1m. As expected, growth in recurring revenue continued rising by 18% to
£1.3m. For the Period recurring revenue represented 41% of total revenue.

Well controlled costs and enhanced margins have also helped to
improve profitability

Overall we have made a good start to 2022 and our confidence in the future is
reinforced by the encouraging growth in our order book which at 30 June 2022
stood to £1.1m, a 70% improvement from the year end position.

 

Whilst uncertainties persist due to issues in the boarder economy, our
strategy is clear and consistent. Our focus remains to deliver full year
results at least in line with market expectations that will demonstrate
continued progress

 

We will provide further details with our interim results in September 2022.

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

 

 

 For further information, please contact:

 Touchstar plc                  Ian Martin              0161 874 5050

                                Mark Hardy              0161 874 5050
 WH Ireland                     Mike Coe/ Sarah Mather  0207 220 1666

 Nominated Adviser and broker

 

Information on Touchstar plc can be seen at: www.touchstarplc.com
(http://www.touchstarplc.com)

 

 

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