Listed IT services firm Triad Group has posted a poor set of results for the half-year. For the six months ended 30 September 2019, revenue fell to £9m, compared to the £11.85m generated for the same period in 2018.
There was also a loss before tax of £300,000 compared to a profit of £520,000 last time. Gross profit as a percentage of revenue decreased to 14.6% from 18.5%.
Triad Group chairman John Rigg said: “Although our trading results have declined somewhat since the previous year, we have been obliged to deal with the damaging uncertainties and delays arising from political, financial and commercial conditions beyond our control.
“We look forward to fundamental improvements in the conditions which we face, especially owing to recent events at a national level [an outright majority government as a result of the UK general election result].”
Rigg said the group had been focused on building up its consultancy capacity to “tackle the opportunities which lie ahead”. He added: “Our healthy cash position has enabled us to maintain our recruitment targets while absorbing lower consultant utilisation.
“We have strengthened our service proposition in some key domains, and our capabilities have been bolstered by the introduction of new consultants bringing with them expertise in some exciting areas, providing a basis for stable growth.”
He said that the firm was expecting to move into new consulting business around the robotic process automation (RPA) and blockchain industries.
In September, the company was accredited as a Google Cloud partner alongside its multiple Gold Microsoft competencies.
The company has declared an interim dividend of 1p, the same as last year.
