News Column

Publishing Technology Posts Loss On Restructuring Costs, Contract Delay

August 6, 2014

Sam Unsted



LONDON (Alliance News) - Publishing Technology PLC posted a fall in group revenues and a pretax loss for the first-half on Wednesday, saying the results had been hit by recent restructuring undertaken by management and by a delay to one major contract.


Revenues were down 10% to GBP7.6 million from GBP8.5 million last year, which the publishing software firm said was primarily attributable to delays in one major contract, a result of developing new product functionality.


In addition to the fall, the group said it expects the majority of the delayed revenue will come through in the second-half, but said some of this revenue will not materialise until the first-half of 2015.


The firm's loss for the half-year widened to GBP690,000 from GBP420,000 last year, put down by the company to the recent restructuring of its business. That restructuring will see the firm focus on its Advance content management system and Pub2Web multi-format content delivery platform, it said.


Despite the problems, the firm struck a note of optimism on its order book, having won GBP4 million in new contracts in recent months, along with renewals of key contracts.


Publishing Technology Chief Executive Michael Cairns said the first-half had "been a period of review and assessment" and claimed the strategic review undertaken at the company will serve to position it well for the future.


Publishing Technology shares were untraded, quoted at 162.5 pence on Wednesday.








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Source: Alliance News


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