Castleton Technology (CTP) reported a 13 per cent uptick in revenues to £26.4m for the 12 months to March 2019, partly buoyed by 7 per cent organic growth. Fifty-eight per cent of the top line was recurring in nature – broadly in line with 60 per cent a year earlier. Meanwhile, adjusted cash profits increased by nearly a quarter to £6.3m.
At first glance, the group’s statutory pre-tax profits don’t inspire much enthusiasm – down 35 per cent to £1.2m. But this stems largely from variations in exceptional credits and charges tied to acquisitions. In FY2018, the income statement bore exceptional credits of £1.4m, and exceptional charges of £600,000. Over the past financial year, these figures sat at £11,000 and £300,000 respectively.
Half of customers now use more than one of Castleton’s products or services – up from 40 per cent. It also won a number of significant contracts, and – to coincide with these results – it announced a four-year managed service agreement with an existing customer, Grand Union Housing group, worth £1m.
