LONDON (Alliance News) – Sports and health focused technology company GoTech Group PLC said on Friday that it remains confident for the second half of its financial year, despite widening losses in the first.
GoTech reported a pretax loss for the six months ended March 31 of GBP288,000, widened from a pretax loss GBP257,000 in the same period last year.
The reason for the widening loss was higher administrative expenses in the half, whilst sales of GoTech’s digital, physical literacy assessment programme Skills2Achieve remained at a low level since last year. Although GoTech recorded revenue of GBP35,000 for the half, compared to none the prior year, this was not enough to offset the step-up in costs.
The company changed its name from Guscio and refocused from sporting analysis and physical education to sports technology which took place in February.
“Looking ahead, I am confident that our long-term strategy and highly driven team will ultimately see GoTech prosper. In a nutshell, S2A is a unique proposition that is gaining serious interest from leading organizations such as the NHS; our strategy is to create a business with multiple revenue streams including the collection and analysis of valuable data is progressing well; and we are actively pursuing other opportunities that we believe will be earnings enhancing and help build the GoTech brand,” Chairman Tony Humphreys said.
Shares in GoTech were down 6.1% at 2.70 pence on Friday.
By Dayo Laniyan; email@example.com
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