KALIBRATE Technologies, which supplies software to the global petroleum retail sector, has reported a solid set of figures, its first since joining AIM last November.
The Manchester company, previously called KSS Fuels, which has offices around the world said underlying profits soared 70% to $1.6m in the six months to December 31.
Revenue increased by 18% to $14.1m in the same period, which also saw the business change its reporting currency from Stirling to the US dollar to reduce currency volatility as the majority of its revenues and costs are US Dollar denominated.
From an operational perspective, Kalibrate, which raised $9m in the AIM float, said it had made strong progress in North America and Japan driven by new client wins and robust growth with existing clients.
It also won its first business in Malaysia and broadened its South African operations after winning a contract in Mozambique.
Chief executive Bob Stein, said: “We have made strong progress in the first half, as is reflected in these results.
“When we joined the market in November 2013, we clearly laid out our growth strategy and I am delighted to report that we have already delivered upon a number of those objectives. The global petroleum market continues to experience significant structural change and both Kalibrate’s pricing and planning products and services are well positioned to benefit from these positive market dynamics.
“The group’s managed services offering is now gaining good traction in the marketplace following the landmark multi-year agreement signed in December last year with a global oil company.”
He said the company expects to see continued progress in the second half and the board “remains confident” that the group is on track to achieve its targets for the full year.
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