A lack of new contracts hit interim revenues at Belgravium Technologies.
The supplier of mobile hardware and software systems to distributors and airlines had previously warned that the year had started slowly. Customers are modifying or postponing investment in systems as they cut back on capital expenditure. In the end turnover dipped from £5.22m to £3.94m in the six months to June 2008.
Profits slumped from £1.02m to £72,000. There will be no interim dividend this year. A dividend of 0.14p a share was paid on 6 December 2007.
Belgravium continues to focus more on software than hardware. It is also looking at possible acquisitions.
There are no firm signs that trading is about to recover. Management hopes the recovery will come before the end of 2008.
Belgravium shares have halved in the past six months. They fell a further 0.5p to 4.625p each, which values the company at £4.67m.
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