Financial services provider Arcontech reported Thursday a jump in annual profits as a ramp up in sales boosted revenues.

For the year ended 30 June 2018, profit before tax rose 54% to £0.58m and revenues rose 9% to £2.52m.

The growth in revenue was attributed to additional annual licence sales to existing customers as the company redeployed its Hong Kong based salesman to the UK to focus on its desktop software solution which was launched in late 2017.

The company declared a final dividend of 1.30 a share for the up 30% from 1p a share a year earlier.

Looking ahead, the company said it would focus on winning new business, but admitted that uncertainties in the investment banking and finance sectors, as a result of the low interest rate environment and issues following Brexit could impact performance.

'Whilst we believe the opportunities for increased sales exist, the sales cycle is unpredictable and remains longer than we would like. Our prospects are positive, albeit they need to be tempered against uncertainties in the investment banking and finance sectors, as a result of the low interest rate environment and issues following Brexit,' said Richard Last, Chairman of Arcontech said.


At 9:14am: (LON:ARC) Arcontech Group PLC share price was 0p at 117.5p