Loqus Holdings plc - Interim Results

On 4 March 2009, Datatrak Holdings plc published its financial results for the six-months ended 31 December 2008. In November 2008 Datatrak had changed its year-end from 31 December to 30 June.

During the six month period from 1 July to 31 December 2008, the Datatrak Group registered a turnover of €1.5 million – a marginal 0.6% increase over the same period last year. Datatrak incurred a pre-tax loss of €434,401 (31 Dec 2007: loss of €357,715) mainly due to the weak performance of the UK Sterling against the Euro which diluted the Group’s Euro denominated revenue figures. The Group explained that this exchange rate loss reduced UK sales by almost €120,000.  Also, forecasted sales for the fourth quarter did not materialize as potential clients postponed their IT investments to 2009.

The Group stated that with regards the first half of 2009, anticipated revenues from the local market should remain in line with those registered last year at around €500,000; however, on the international front, the slow down emanating from the current financial crisis is expected to persist. In 2008 the Group’s total revenue amounted to €3 million and €2.6 million represent income from long-term and/or secure contracts. The Directors are cautiously optimistic that these will continue to be earned in 2009.   Meanwhile, the Group continues its efforts to conclude negotiations with international clients that have postponed their IT investments from 2008 to 2009 and have increased their marketing efforts to enhance revenues from the local and Libyan market.  Also, a cost realization exercise is underway with reductions being focused on employment costs and Research and Development.

A review of the Half-Year results is available here.

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