Arcontech shares storm ahead on strong profit news

The price of shares in AIM-listed finance industry technology firm Arcontech (LON:ARC) shot 12.27% higher to 143.70p (as of 13:20 GMT) after it reported that turnover for the 6 months ended 31st December rose by 13%. Pre-tax profits for the period climbed by 91% and management said that the business was on track to meet full year expectations.

Chairman Richard Last commented: “The Board is pleased with Arcontech’s growth in revenue and adjusted profit before tax. Cash at the half year was £567,895 higher than the previous half year, further strengthening the Balance Sheet. We have continued to invest in product development to maintain and enhance our propositions to the market. Our sales cycle is often long and unpredictable however we remain positive about the Group’s long term prospects and the Board expects results for the full year to be in line with expectations“.