Business
Half Yearly Report to 31st March 2013
Half Yearly Report to 31st March 2013.
About this update from Cloudcoco Group Plc
[{"type":"text","content":"\n \nRNS Number : 4141G Pinnacle Technology Group PLC 06 June 2013 \n \n\nPinnacle Technology Group plc (\"Pinnacle\" or the \"Company\")\nInterim Results for the six months ended 31 March 2013\nPinnacle Technology Group plc (AIM: PINN), the AIM listed, IT Managed Services provider, today announces its unaudited interim results for the six months ended 31 March 2013.\n \n\n\n\n\nFinancial Summary\n\n\nUnaudited \n6 months to\n31 Mar 2013\n\n\nUnaudited\n6 months to\n31 Mar 2012\n\n\n\n\n\n\n\n£\n\n\n£\n\n\n\n\nRevenue\n\n\n5,364,034\n\n\n6,383,187\n\n\n\n\nGross Profit\n\n\n1,599,449\n\n\n2,003,151\n\n\n\n\nAdjusted EBITDA*\n\n\n(84,004)\n\n\n115,234\n\n\n\n\nCash\n\n\n2,134,098\n\n\n298,727\n\n\n\n\nNet Assets\n\n\n3,372,718\n\n\n1,779,581\n\n\n\n\nExceptional one-off costs relating to acquisitions\n\n\n(100,623)\n\n\n(284,416)\n\n\n\n\n \n \nOperational Highlights\n \n· Recurring revenues remain high at 87%, providing strong base for the Company (H1 2012: 86%)\n· Successful placing in February 2013 raising £2.65m\n· Share consolidation of 1 (new share) for 100 (old shares) completed on April 15th 2013\n· Investment in sales team begun following the placing\n· Appointments to the Board of Dr James Dodd (Non-Executive Chairman) and Dr Tom Black (Non-Executive Director)\n· Appointment of a Sales Director and a Customer Experience and Organisational Development Director\n \n \nCommenting on the results,Alan J Bonner, the Pinnacle CEO stated: \n\"Pinnacle's previous eight acquisitions are fast becoming a fully integrated business, with a tightly unified organisation and management structure, a single brand, and a clear strategic focus on delivering sales growth. Challenging trading conditions, a lower level of high-profile event related activity, and a reduction in the number of IT Security projects impacted the results in this half year. However, our high levels of recurring revenue, new, stronger Non-Exec Board, strengthened senior management team, and the financial support in the form of a £2.65m placing from City Institutions, mean we look to the future with great optimism.\"\n \n*Adjusted EBITDA is measured as Earnings before interest, taxation, depreciation, amo...