Touchstar reports better-than-expected performance for 2024
By Josh White
Date: Monday 17 Feb 2025
(Sharecast News) - Touchstar delivered a better-than-expected financial performance for 2024 on Monday, supported by strong recurring revenues and an improved order book heading into 2025.
The AIM-traded company reported unaudited revenue of £6.9m, EBITDA of £1.2m, and pre-tax profit before exceptionals of £0.45m.
Recurring revenue grew to £3.05m, representing 44% of total sales, while the year-end cash balance stood at £2.9m.
The board said it remained optimistic about 2025, citing a confirmed major order initially expected in 2024, an order book of £0.98m at the start of the year - more than 130% higher than the prior year - and a growing sales pipeline.
It said it also expected further expansion in contracted recurring revenue.
Following the conclusion of its strategic review, the board determined that remaining a standalone AIM-quoted entity was in the best interest of shareholders.
While Touchstar said it received indicative offers for its assets and share capital, none were deemed sufficiently attractive.
The company said it would now focus on accelerating growth through investment in overseas fuel delivery markets, broadening its technology applications, enhancing marketing efforts, and returning surplus cash to shareholders through dividends and share buybacks.
It said it was planning to finalise a strategic development plan by early March.
At 1157 GMT, shares in Touchstar were down 2.29% at 85.5p.
Reporting by Josh White for Sharecast.com.
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