Consulting firm PS&C Limited has eased into its recovery after cutting its half year losses by almost a half.
The firm, which recently sold its security arm to Tesserent for $16 million, closed the period ending 31 December 2019 with a loss after tax of $5.6 million, an improvement from last year’s $9.7 million.
Although revenue saw a marginal shrink of $800,000 down to $26 million, the company remained positive about its prospects as a “simplified and re-focussed” business, predicting full year revenue of $50 million.
EBITDA took a hit falling from $1.7 million for the 2018 half year to $1.2 million in the latest results.
Having divested its Allcom Networks arm in November 2018, the publicly listed company will now simply offer recruitment and professional services from Melbourne using a fee-for-service model.
The results come off the back of PS&C’s acquisition of consultancy Respring, owner of the site farmbuy.com, which will become the company’s first digital asset.
PS&C’s half year results come off the back of a $53 million loss for the previous financial year, which followed a write off of $49 million in goodwill.
This was immediately followed by the resignation by PS&C CEO Glenn Fielding, who had led the company since 2017.
Robert Hogeland, who was the managing director of Seisma, a company acquired by PS&C, has been leading the firm since then.