Castleton delivers a strong foundation in first half

AIM-listed software and managed services provider Castleton Technologies (LON:CTP) has seen its share price climb by 5.52% to 95.50p (as of 14:45 GMT) after revenues for the six months ended 30th September increased by 20%. Profits before tax for the half year were 150% higher than during the same period of 2017.

Chairman Damian Payne said: “I am pleased with the progress the Group has made in the first six months of FY19, with the strong organic growth achieved demonstrating Castleton is delivering against its stated strategy. Additionally, new contract wins and the acquisition of the perpetual software licence in relation to the platform upon which Castleton’s modelling solution is based further strengthens Castleton’s position in the market and offering to customers. The Board remains optimistic about the Group’s success and is confident that the growth achieved during the period will continue as we further cross-sell into our customer base. Since the period end, the Company has successfully obtained approval for a capital reduction process which gives the Company the ability to make distributions to shareholders and it is our intention to commence a progressive dividend policy for the full year“.