Triad Group (TRD) H2 2024 earnings summary

Executive summary

• Revenue for the year ended 31 March 2024 was £14.0m, down from £14.9m year-over-year, with gross profit at £2.8m (2023: £3.5m) and gross margin declining to 20.1% from 23.6%.

• Loss before tax was £1.3m (2023: break-even), and loss after tax was £1.0m (2023: £0.0m).

• Cash reserves decreased to £2.1m from £4.8m, reflecting losses and dividend payments.

• Second half saw significant contract wins and improved consultant utilisation, with fee-earning consultants rising to 116 (2023: 94).

• A final dividend of 4p per share is proposed, maintaining a total annual dividend of 6p per share.

Financial highlights

• Revenue declined 6% year-over-year to £14.0m.

• Gross profit fell to £2.8m, with gross margin at 20.1%.

• Loss from operations was £1.3m, compared to a £9k profit in 2023.

• Cash and cash equivalents at year-end were £2.1m, down from £4.8m.

• Basic loss per share was 6.10p (2023: 0.27p).

Outlook and guidance

• Management expects a strong start to the new financial year, with a healthy order book and ongoing recruitment.

• The business is positioned for growth, with a more diverse client portfolio and resilience against sector-specific risks.

• Dividend policy will be reviewed at the half-year, reflecting confidence in future profitability.