London-listed data-and-intelligence provider, Merit Group, announced that it has achieved a pretax profit for the first half of its fiscal year, leading to a significant increase in its share price. Despite challenging economic conditions, the company has managed to accelerate its revenue growth and improve its margins.
At 0850 GMT, shares were up 30% at 71 pence, a rise of 16.50 pence. In the six months ended September 30, Merit Group reported a pretax profit of £529,000, compared to a restated pretax loss of £253,000 in the previous year. This positive performance was partially attributed to a decrease in depreciation of right-of-use assets following the successful disposal of excess office space in London.
Revenue also saw an increase, rising from £9.1 million to £9.9 million.
Having completed its restructuring phase, Merit Group now aims to concentrate on growth and delivering value to its shareholders. The company's board expresses confidence in its ability to pursue new revenue opportunities and enhance operational efficiencies through its deep technology expertise and the utilization of artificial intelligence.
-By Anthony O. Goriainoff
