Boxhill Technologies shares down as operating income disappoints

Boxhill Technologies posted its half year report for the six months to 31 July on Thursday, with revenue rising to £1.13m from £0.99m in the first half of 2015.

Its expenses were significantly higher than in the prior year, however, with the cost of sales rising to £0.3m from £0.24m, and administrative expenses increasing to £0.53m from £0.42m.

That made for a lower operating profit, before exceptional items, of £0.3m, compared to £0.33m in the prior comparative period.

Its total profit for the period was £0.29m, compared to £0.21m, with a basic and diluted profit per share doubling to 0.02p from 0.01p.

“The first half of the year has seen some additional administrative expenses through increased board size and ongoing costs of integrating the two companies acquired at the beginning of the year,” said chairman Lord Razzall.

“Having said that we see a 39% improvement in comprehensive income, rising to £288,000 due to no corporation tax being chargeable.

“As the company moves forward it is now able to invest in strengthening the teams that are responsible for delivery, and we have appointed a new head of finance, reporting to Andrew Flitcroft - the company's finance director - who will be tasked with unifying financial organisation within the company.”

He added that the boar was also continuing to look for a new CEO, and will update as and when appropriate.

At 1442 BST, shares in Boxhill Technologies were down 10.10% to 0.19p.