News

ID Data turnover falls, current trading difficult

04 September 2006 09:31:00

Card based transaction systems provider ID Data saw last year's turnover slump and said the current trading period in the UK is challenging.

"Sales have been slow in the initial months of the new financial year, reflecting the recent uncertainty in the retail sector," said the group.

Turnover for the year to March fell to £12.1m from £19.4m last year due to lost business opportunities and delayed projects.

The group reduced pre-tax losses slightly to £3.5m compared with £3.9m previously. It said the business has transformed from a card manufacturing company with a high cost base to a solutions provider with a relatively low cost base.

"The past year has seen reduced turnover, but management has delivered significant changes to the historically high cost base. The business is now positioned to achieve profitability at a significantly lower sales level," said the group

"The directors consider that the measures taken together with a projected upturn in sales will lead to the generation of profits and positive cashflows for both the Group and the company, although this will ultimately depend on improved trading," it added.

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