BusinessCompany NewsTouchstone see profit and revenues drop

Touchstone see profit and revenues drop

Financial management IT company, Touchstone, sees profit plummet

Touchstone, the financial management and business intelligence software
providers, saw its revenue drop from £31.4m to £28.5m with an operating loss
before taxation of £349,000.

The company spent £538,000 on reorganising costs in the last tax year and
made an adjusted profit of just £1m compared with £2.5m in 2008 the Spectator
reported.

Keith Birch, CEO, said: ‘The Board has been encouraged by a number of new
contracts wins in recent months and has also been selected as preferred supplier
on several significant projects. However, whilst certain divisions are
experiencing encouraging levels of demand, general market conditions are still
difficult.

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