Data security firm Blancco Technology Group have managed to turn a profit for the first half, with strong Data Centre and Enterprise growth sparking a revenue jump of almost 20%.
Two-fold success
The company reported that profits could largely be reported to growth in two areas. Revenue grew in Data Centre and Enterprise to £4.7 million, up 30% on-year. Another success story, however, was IT asset disposition revenues, up 20% to £4.9 million.
For the six month period to the end of December 2018, on-year profits jumped to 0.243 million, up from a £1.46 million loss on-year.
“The Board is pleased with the performance of the company over the past six months, following on from a strong second half of the previous financial year,” the company said.
“Excellent progress has been made against the new strategy launched in September 2018, and the platform is in place for long term sustainable growth.”
“The board reiterates its confidence in full year market expectations, and is pleased with the progress made across the business in the first half of the year.”
Blancco as a portfolio candidate
On-year, H1 revenue rose 19% to £14.6 million. The firm’s share price was up 2.87% or 3p a share. Twice this month, and as recently as Tuesday, Peel Hunt analysts reiterated their ‘Buy’ stance on Blancco Technology stock.