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20 May 2019 | 08:24

Cerillion swings to loss as revenues slip amid 'timing differences' in closure of large contracts

Cerillion swung to a loss as revenues slipped amid 'timing differences' in the closure of large contracts, but the company said it expectations.

For the six months ended 31 March, the company reported a statutory pre-tax loss £0.745m, compared with a profit of £0.472m a year earlier. Revenue fell to £7.0m from £8.4m.

The back order book remained strong at £15.4m, unchanged from a year earlier. 'Results in the first half reflect the timing of contract closures, and while results are below last year's level, we believe that the Company remains well-positioned to deliver its full year performance targets,' said Louis Hall, CEO of Cerillion.

The company said new business opportunities were not yet reflected in first-half results but were expected to come through in the second half.

'The second half has started well, and we look forward to continuing our track record of steady year-on-year revenue and earnings growth.'

The interim dividend increased was increased by 7% to 1.6p a share.

At 8:24am: (LON:CER) Cerillion Plc share price was -4.5p at 137.5p

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