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Escher Group swings to a loss owing to write-downs, revenue decline

By BFN News | 02:15 PM | Tuesday 13 March, 2018


Postal-industry software provider Escher Group Holdings swung to an annual loss after it wrote down the value of its assets. The company, which has agreed to be acquired by Hanover Active Equity Fund, booked a net loss of $9.22m, compared to a $1.87m profit in 2016. Pre-tax profit, excluding exceptional items, slipped to $0.13m, from $2.7m in 2016, as revenue also fell. '2017 was characterised by continuing strong demand from our customers for services including the sale of a license for our Riposte solution on IOS to a significant customer,' chief executive Liam Church said. 'However, the volatility in our business was emphasised by the lack of a major license sale in 2017.' At 2:15pm: (LON:ESCH) Escher Group share price was 0p at 181.5p Story provided by StockMarketWire.com

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