Castleton Technology sees FY revenue, profitability in line with market forecasts

Castleton Technology's shares are up more than 3% as investors welcome news its revenue and profitability for the year are in line with market forecasts.

"Operating cash generation in the period was significantly better than market expectations, facilitating a continued reduction in the Company's net debt," the software and managed services provider to the public and not-for-profit sectors said.

"Revenue and profitability for the year are in line with market expectations."

Chairman David Payne was pleased with the substantial progress that Castleton made in the year to 31 March.

"Meeting our financial targets whilst demonstrating the profitable and cash generative nature of our business is reassuring and we remain focused on improving our customer proposition and cross-selling our portfolio of products and services," said Payne.

At 11:47 GMT, shares in AIM-listed Castleton were up 3.10% to 66.5p each.