Touchstar PLC Trading Update (7459T)

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RNS Number : 7459T

Touchstar PLC

26 July 2022

Touchstar plc

(the "Company", "Touchstar" or the "Group")

Trading update for the six months to 30 June 2022

Trading continues to be positive

The Board of Touchstar plc ((AIM:TST) 'Touchstar', the 'Company' or 'the Group'), suppliers of mobile data computing solutions and managed services to a variety of industrial sectors, is pleased to announce the following trading update for the six months ended 30 June 2022 (the "Period").

Highlights for the Period include:

   --    Revenue growth of 7% to GBP3.1m (H1 2021: GBP2.9m) 
   --    Recurring revenue growth accelerated increasing by 18% to GBP1.3m ( H1 2021: GBP1.1m) 
   --    Substantially higher profitability achieved 
   --    Significant 75% rise in order book rose to GBP1.1m (H1 2021: GBP0.6m) 

The positive trends in trading and customer activity within the business continued in the Period. Progress was made in profitability, cash generation and continued innovation of our products and services.

In comparison to the same period in 2021 revenue for the Period was 7% higher at GBP3.1m. As expected, growth in recurring revenue continued rising by 18% to GBP1.3m. For the Period recurring revenue represented 41% of total revenue.

Well controlled costs and enhanced margins have also helped to improve profitability

Overall we have made a good start to 2022 and our confidence in the future is reinforced by the encouraging growth in our order book which at 30 June 2022 stood to GBP1.1m, a 70% improvement from the year end position.

Whilst uncertainties persist due to issues in the boarder economy, our strategy is clear and consistent. Our focus remains to deliver full year results at least in line with market expectations that will demonstrate continued progress

We will provide further details with our interim results in September 2022.

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

For further information, please contact:

 
  Touchstar plc        Ian Martin             0161 874 5050 
   Mark Hardy                                 0161 874 5050 
 WH Ireland 
  Nominated Adviser    Mike Coe/ Sarah 
  and broker            Mather                0207 220 1666 
 

Information on Touchstar plc can be seen at: www.touchstarplc.com

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July 26, 2022 03:02 ET (07:02 GMT)