Sanderson tops expectations with 'strong' first half performance
Digital technology provider Sanderson ended the first half of its trading year ahead of management's expectations, with both revenues and profits growing year-on-year.
Sanderson saw revenues improve more than 16% to £17m in the six months ended 31 March, with operating profits soaring over 30% to £2.8m.
Sales order intake continued to grow, with the AIM-listed outfit's order book, which it said continued to be "well balanced" across its businesses, standing at approximately £8m.
Sanderson also continued to be cash generative during the half, with its net cash balance standing at £3.29m, well ahead of both the £1.39m held a year earlier and management's expectations.
Looking forward, Sanderson told investors it will continue to be "cautious" in its approach, sensitive to both market conditions as well as to "carefully" monitor the general economic environment.
"However, following the strong trading momentum built in the first half of the year, a healthy order book, high recurring revenues and a strong, cash-backed balance sheet, the board has confidence that the group is well positioned to make further progress in the rest of the full financial year ending 30 September 2019."
As of 1000 BST, Sanderson shares had climbed 7.83% to 100.82p.