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(Alliance News) - React Group PLC on Wednesday said trading since the end of its most recent financial year has improved following contract wins.
Shares in the cleaning & decontamination firm were 5% higher at 0.74 pence each on Wednesday morning in London.
Derbyshire-based React said margins and operational efficiencies have improved, with progress supported by the company winning a GBP500,000 contract with an unnamed existing tier-1 rail client, as well as a GBP121,000 contract with an undisclosed large London hospital.
React also said it has recently been awarded a three-year framework agreement by a large housing association in the North West of England.
In the year to September 2019 React reported a pretax loss of GBP138,000, on a reduced year-on-year revenue of GBP3.1 million. Gross margin improved to 28.5% from 21.0% the previous year.
"The board remains confident with rationalised infrastructure, a well-motivated management team and a competitive service proposition, we have established a solid platform from which we can now grow and move into a sustainable level of profitability," it said Wednesday.
By Ife Taiwo; ifetaiwo@alliancenews.com
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