Stockton tech group reports 10 per cent profit dip despite strong recurring revenues
A North East technology group has reported a 10 per cent decrease in annual profit for the past year.
Pub-focused technology group Vianet, based in Stockton-on-Tees, saw pre-tax profit for the year through dip to £2.4m, down from £2.7m on-year.
However, the company’s revenue rose by 3.8 per cent during the period, reaching £16.3m.
It said that its recurring revenues remain strong at 92 per cent, being sustained by both contactless growth, maintained Smart Zones contribution and continued shift towards annuity-based sales from capital sales in Smart Machines.
James Dickson, chairman of Vianet, commented: “From the very outset of the pandemic, our goal has been to preserve cash to ensure both business continuity and to enable ongoing investment in the business, with the aim of being strongly positioned for the COVID-19 exit phase.
“Whilst these are still early days, we are encouraged that April’s trading performance was well ahead of our revised forecasts, and that the measures we have taken to protect the business have been successful, giving us confidence that we are well positioned to exit from the COVID-19 phase with momentum to accelerate our growth plans.
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