AssetCo reports solid growth in 2015

AssetCo was looking up in 2015, reporting sizeable growth in revenue and profits in the 12 months to 30 September 2015.

The AIM-traded company reported an operating profit of £4.4m during the year, up from £2.6m in 2014, on revenue of £21.7m, from £14.6m. AssetCo’s profit before tax totalled £4m, compared with £2.3m.

Its board said the increase in profits came from the planned increase in the size of its major Middle East contract, due to a rise in headcount and related firefighting equipment sales.

The company generated £6.9m of free unrestricted cash during the year, with £2.6m net releases from contract bonds, and the remaining balance generated from operations.

Its cash position on 30 September was total cash of £15.6m, up from £10.8m a year earlier.