Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Cyber security group GRC International slashed its losses in the first half of the year, led by 'strong' revenue and billings growth.
For the six months ended 30 September 2021, pre-tax losses narrowed by 67% to £0.5 million as revenue increased 22% to £6.6 million.
Recurring and contracted revenue billings were up 33% to £4.0 million, with total billings up 27% to £7.1 million.
Gross margin was up 800 basis points to 58% owing to 'operational gearing from subscription services, overall revenue growth and improved utilisation rates,' the company said.
'We have seen notably strong revenue and billings growth across the business in the first half,' it added.
'The group has now seen 18 months of period-on-period trading improvement and we expect this to continue into H2 FY22.'
'We look with optimism to the second half and to next year.'