Hasgrove forecasts 1.4m pound pre-tax profit

AIM-listed communication services group Hasgrove has published a full year trading update, forecasting pre-tax profit of 1.4m pounds.

The company said that it expected gross income in the region of £19.1m, 16% higher than was recorded in 2011, and a pre-tax profit of approximately £1.4m compared to a loss of £3.0m in 2011.

The group further reported that Hasgrove's operating units continued to be cash generative, resulting in net debt reducing to £0.1m as of December 31st. This compared to a £1.5m net debt at the end of December 2011.

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Paul Sanders, Group Chief Executive, said: "2012 was a good year for us. Performance was much improved, due to our focus on efficiencies and better project delivery. The level and quality of new business wins so far, combined with our strong revenue pipelines give us continued confidence for the year ahead."

Hasgrove's share price was up 4.55% to 57.50p at 13:30 on Monday.

MF