By Ian Walker
Shares in Triad Group PLC rose 13% Tuesday after the company reported a swing to pretax profit for fiscal 2021 due to lower costs, and said that its cash has increased significantly on the back of the move to profit as well as improvements in working capital.
The IT consultancy, which had already flagged an improved second half due to recent success winning new business, has declared a dividend of 2 pence a share to reflect the strength of its performance and confidence in the near future. The company stopped paying dividends last year to conserve cash due to the pandemic.
Shares at 0911 GMT were up 15.0 pence at 130.0 pence
Triad made a pretax profit for the year ended March 31 of 644,000 pounds ($908,555) compared with a loss of GBP602,000 in the previous fiscal year.
Revenue fell to GBP17.8 million from GBP19.4 million, the company said. Cash reserves increased to GBP4.9 million from GBP3.8 million, it added.
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