By Duncan Ferris
Date: Friday 15 Feb 2019
LONDON (ShareCast) - (Sharecast News) - React Group shares dropped on Friday after the company reported a widened loss on the back of one-off restructuring and administrative fees after the business severed administrative ties with its previous owner, Autoclenz.
For the year ended 30 September the AIM-traded extreme cleaning company reported a loss before tax of £1.95m, from a loss of £0.39m the year before, while administrative fees more than doubled as they leapt from £1.22m to £1.64m, including £1.34m of exceptional costs.
These costs helped the company sever ties to Autoclenz and establish its own fit-for-purpose administration and office infrastructure in Swadlincote, Derbyshire, while restructuring efforts simplified its business model from three operating businesses to just one.
Revenue increased by 24.6% to £3.30m but gross profit decreased by 16.5% to £0.69m as cost of sales increased from £1.82m to £2.60m.
At the end of the period the company had cash and cash equivalents of £0.42m, down from £0.63m at the same point the year before.
Gill Leates, executive chairman of React, said: "With a rationalised infrastructure, a fit-for-purpose and well-motivated management team and a competitive service proposition in an area of the market often left well alone by competitors, we have established a solid platform from which we can now grow and begin our return to profit."
React Group's shares were down 13.95% at 0.18p at 0846 GMT.
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Currency | UK Pounds |
Share Price | 73.67p |
Change Today | -0.33p |
% Change | -0.45 % |
52 Week High | 85.00 |
52 Week Low | 62.50 |
Volume | 13,710 |
Shares Issued | 21.55m |
Market Cap | £15.88m |
RiskGrade | 389 |
Value |
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No dividends found |
Time | Volume / Share Price |
12:32 | 15 @ 74.10p |
08:09 | 13,695 @ 73.02p |
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