VAR Pinnacle Technology Group says it is confident a turnaround is on the horizon, as it reports its yearly results to September 2014.
“The year ending 30th September 2014 was one in which we made great progress towards solving the many problems that have beset Pinnacle Technology in recent years,” commented chairman James Dodd.
“The robust actions taken by the Board, including the appointment of a new chief executive officer on the 26th March 2014, are reducing losses and supporting the recovery of the business.”
Revenues are reported at £8.4m for the year, down from £10.1m in 2013 with gross profit down year-on-year from £3.26m to £2.67m.
“Whilst the Board has recognised from the outset that turning around Pinnacle Technology will take time, as demonstrated by these results, the Board continues to work to stabilise revenues in the business and to position the company to becoming EBITDA positive,” Dodd said.
Loss for the period after tax was nearly £1m less than the previous year at £1.8m; a sign that the management team may finally be plugging the various holes in the boat.
“Although further time and efforts are still required to restructure the Group into the appropriate form for its operations, the opportunities available to Pinnacle Technology and the early signs of progress underpin the Board’s confidence in the future prospects of the Company, ” the CEO concluded.