Porta Communications First Half Earnings To Be Ahead Of Expectations

LONDON (Alliance News) - Porta Communications PLC said Thursday its earnings in the first half ...

Alliance News 2 August, 2018 | 1:21PM
Email Form

LONDON (Alliance News) - Porta Communications PLC said Thursday its earnings in the first half of 2018 were ahead of management expectations, due to cost cuts.

The communications consultancy said the consolidation of its cost base and UK legal structure, means Porta's adjusted earnings before interest, tax, depreciation and amortisation in the six months ended June is expected to be 15% lower than the year before.

Chairman John Foley said: "As a result of this consolidation, the cost base of the UK business was reduced by GBP1.9 million, and I can report that since then a further GBP1 million of non-performing costs have been removed. The group now has a much stronger and more appropriate foundation from which to deliver future profitable trading growth.

"The company is also having positive ongoing discussions with its lender, Retro Grand Ltd, regarding the refinancing of the GBP5.2 million convertible 364-day loan that matured on June 29 and expects to provide the market with a further update in due course."

Shares in Porta Communications were flat at 1.90 pence each Thursday.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

Email Form
Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Porta Communications PLC 1.25 GBX 0.00 -
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.