Telecoms and IT firm Pinnacle Technology has blamed “challenging trading conditions” for a 15 per cent fall in first-half revenues, but insisted a recent £2.7 million fundraising gave it optimism for the future.
The Stirlingshire-based company said the decline in revenues to £5.4 million during the six months to 31 March came as a result of fewer IT security projects and “a lower level of high-profile event-related activity”.
Past contracts for Pinnacle have included support for broadcasters covering the London Olympics and Queen’s Diamond Jubilee celebrations.
The firm posted an underlying pre-tax loss of £84,000 for the first half, compared with a £115,000 profit a year earlier, and chairman James Dodd said the figures reflected “the challenging trading environment in several of the group’s divisions”.
He added: “Both the board and management team are now focused on delivering profitable growth from our expanded platform.
“The group is in a stable financial condition having recently conducted a successful fundraising and is now engaged in a programme of appropriate investments to deliver growth in the future.”