Strong cash generation boosts full year for Castleton Technology
Sutton Coldfield software company, Castleton Technology Plc, has today forecast that its full year results are in line with expectations.
The software and managed services provider works with public and not-for-profit sectors, and said it was optimistic for the future.
In a trading update for the year ended March 2017, the company said while revenue and profitability for the year were in line with market expectations, operating cash generation for the period was significantly better than expected. This will enable the firm to continue the reduction of its net debt.
Commenting, David Payne, chairman of Castleton, said: “I am pleased with the substantial progress Castleton has made in the period having built a leading software and managed services provider in our sector.
“Meeting our financial targets whilst demonstrating the profitable and cash generative nature of our business is reassuring and we remain focussed on improving our customer proposition and cross-selling our portfolio of products and services.
“The board remains confident about Castleton’s future prospects.”
The company expects to announce its preliminary results in late July 2017.