Pinnacle has ‘reasons to be optimistic’ as sales jump 49%

Technology group Pinnacle today said it had started the new financial year in a strong position after unveiling a 49 per cent jump in annual revenues.

The Stirlingshire firm, best known for providing broadband and other data services at large events such as the Queen’s Diamond Jubilee celebrations and London Olympics, also said it would seek approval at next month’s annual meeting to give shareholders one share for each 100 they currently hold.

Pinnacle reported revenues of £12.7 million for the year to 30 September, up from £8.5m a year earlier, while pre-tax losses narrowed slightly to £1.1m. Underlying profits before one-off items (EBITDA) leapt 78 per cent to £515,437.

Chief executive Alan Bonner said: “There are good reasons to be optimistic – the business has invested £766,846 of cash this year in one-off acquisition costs, produced record sales of £12.7m and adjusted EBITDA including profit from acquisitions of £515,437, despite one of the most challenging trading environments.”

Outgoing chairman Bill Allan, who will be replaced by fellow industry veteran James Dodd following the firm’s annual meeting on 26 March, said: “The outlook for Pinnacle is positive.”