Technology firm Marlborough Stirling's end of year profits show total turnover down to £114.6m from £121.0m in 2002. Profits have also decreased with adjusted pre-tax profit at £10.6m from £11.3m last year. Reported pre-tax profit showed a loss of £34.5m from 2002 to this year's £2.5m.
But after a period when the board has been unable to recommend a dividend it will now recommend 0.5p that will be paid on 1st June 2004 to shareholders on the register on 30th April 2004.
Marlborough Stirling chairman and chief executive Huw Evans says: “Our financial performance improved during the past year; decisive actions to reduce costs mean that underlying profitability was similar to 2002, despite lower turnover. We have also considerably strengthened our balance sheet.
Improving levels of new business activity mean that we are increasingly confident that our solutions have a key role to play in the transformation of UK financial services to a truly competitive, consumer focused and efficient market.”