Business
Annual audit report year ended 31 March 2024
Annual audit report year ended 31 March 2024.
About this update from Orient Telecoms Plc
[{"type":"text","content":"\n\n \nORIENT TELECOMS PLC\n(\"ORIENT\" or the \"Company\")\nFINAL RESULTS FOR THE YEAR ENDED 31 MARCH 2024\n \nORIENT is an information technology company that offers managed services as its core business, which include managed services in machine-to-machine networking, solutions for internet of things (IOT), cyber security, big data solutions as well as full spectrum of other managed services, announces its results for the year ended 31 March 2024.\n Highlights for the period\n· During the financial year ended 31st March 2024, the Group reported a decline in profit. This decrease in earnings is attributed to an estimated tax payable arising from the profit for the current year. Nonetheless, comparatively net profit before tax increased despite an 18.7% decline in revenue, which fell to £376,557 from £463,418 in 2023.\n \n· The Company has ample opportunities to innovate and expand their service offerings in response to evolving technological advancements and business needs. By focusing on managed connectivity solutions, cybersecurity, cloud services, and unified communications, providers can position themselves as strategic partners in enabling digital transformation and driving competitive advantage for their clients\n \n· The Company has been profitable in the last few years which strengthened its financial position and at the end of the fiscal year, our cash reserves were £336,380 (2023: £329,792), and we had no outstanding borrowings. This good financial position gives us the flexibility and resilience needed to pursue our strategic objectives.\nThe annual report and accounts is available on the Company's website at: www.orient-telecoms.com \n\n For more information please contact: \n \n\n\n\n\nOrient Telecoms plc\n\n\n\n\n\n\n\n \nSayed Mustafa Ali\n \n\n\[email protected]\n\n\n\n\n\n\n\nCHAIRMAN'S STATEMENT\nOn behalf of the Board of Directors, I am pleased to present the Annual Report and Audited Financial Statements of Orient Telecoms Plc (the \"Company\") and its subsidiary entities (collectively, the \"Group\") for the financial year ending 31st March 2024.\n \nOverview\n \nOrient Telecoms Plc is a leading provider of managed connectivity services, catering to both large telecommunica...