(Alliance News) – Marlowe PLC on Tuesday reported a decline in half-year profit due to costs but noted progress at its integration programmes.
Marlowe shares fell 17% to 417.50 pence each on Tuesday morning in London.
The London-based software & service provider for safety and regulatory compliance said in the six months to September 30, pretax profit fell 8.7% to GBP24.1 million from GBP26.4 million a year prior. Total administrative expenses increased 25% to GBP107.7 million from GBP86.2 million and cost of sales grew 9.6% to GBP143.6 million from GBP131.0 million.
However, revenue rose 13% to GBP251.3 million from GBP222.9 million.
The company did not declare any dividend, unchanged from a year ago.
Looking ahead, Marlowe said it remained mindful of a challenging macroeconomic backdrop but noted “that demand for compliance services and software remains resilient. We continue to see good demand across Marlowe’s client base, supported by the non-discretionary nature of our services & software, which are driven by regulatory requirements.”
For the current financial…
