On 13 November, Datatrak Holdings plc published its results for the 18 months ended 30 June 2009. The results show total revenue of €4.8 million for the 18-month period and an operating profit of €386,000. However significant increases in personnel expenses and other direct costs resulted in a loss of €850,189 for the period under review.
Chairman Walter Bonnici stated in his commentary that the sensible decisions taken last year and the retention of its clients helped the Group to continue weather the storm. Moreover the core operations of the Group were described as stable. Furthermore the Chairman stated that the immediate priority is to return to profitability through a combination of cost cutting, effective and efficient marketing and revenue enhancement. Mr. Bonnici also reiterated that the future aim of the Group is to issue dividends.
Meanwhile CEO Mr Joe Fenech Conti added that the Group is now starting to benefit from the recent restructuring plan. In fact the management accounts since July 2009 saw a return to profitability and cash generation based on the regular income streams whilst at the same time maintaining the all-important research and product development programs. Moreover Mr. Conti stated that Datatrak will continue to seek growth opportunities in its four main markets (Malta, UK, Italy and Libya) and look out for new opportunities in other areas without over-investing in marketing. On the whole, the CEO reiterated that Datatrak’s outlook is good despite the losses suffered in the 18 months ended 30 June 2009.
A copy of the Financial Statements for the period under review is available here.