Tialis shares up as company reports revenue growth for 2023

(Alliance News) - Tialis Essential IT PLC on Friday said it is optimistic it can deliver compelling growth into the future.

The Edinburgh, Scotland-based IT service management company said its pretax loss in 2023 widened to GBP1.8 million from GBP1.3 million the year prior.

Revenue, however, increased by 54% to GBP22.4 million from GBP14.5 million.

Unchanged from the previous year, Tialis continues to pay no dividend to shareholders.

The loss reported by the company is primarily the result of GBP2.2 million in amortisation and impairment, expenses alongside financial costs associated with its longstanding restructuring programme.

Looking ahead, Tialis is confident in its GBP20.1 million multi-year pipeline and expects 85% of revenue in 2024 to come from existing contracts.

"The key objective for 2024 is to increase the focus and utilisation of our lifecycle facility which provides much greater efficiencies for our end-user customer, higher levels of customer satisfaction, together with better margins. Initiatives are underway with our most significant partner to see an increase in this area," said Chair Andy Parker.

Tialis Shares were up 11% to 63.90 pence each in London on Friday afternoon.

By Elijah Dale, Alliance News reporter

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