IDE Group delays FY results
By Iain Gilbert
Date: Tuesday 30 Jun 2020
(Sharecast News) - IT managed services provider IDE Group delayed its full-year results until 31 July on Tuesday after its annual audit dragged on longer than expected due to Downing Street's Covid-19 lockdown.
IDE did offer some unaudited results to investors, with revenues said to be down 31.39% at £28.2m. However, despite the slump in revenues, an increase in the group's gross profit margin of more than six percentage points, to 22.8%, helped it swing from an underlying loss of £3.9m to an EBITDA profit of £1.1m.
In terms of the company's recent performance, the AIM-listed group said trading in the current financial year remained "broadly in line with management expectations", although it noted that its mix had changed due to the Covid-19 pandemic.
"We have won and implemented additional projects in the Managed division supporting mobile working across a number of our clients, offset by the expected pipeline of projects being deferred into the second half," said IDE.
"The board is confident in its strategy and continues to enhance operational efficiency in our core services and strengthen the senior management team in order to deliver an improved trajectory through 2020 and beyond."
As of 1010 BST, IDE shares were down 1.33% at 2.96p.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN