6pm plc registers GBP209,000 loss for first half of year

As a result of this performance, the company’s directors were not declaring any dividend for the six-month period ending 30 June 2010.

During the first six months of the year, 6pm plc’s revenue also dropped significantly to GBP 1,770,869 as against GBP 2,881,987 during the same period last year, a drop of GBP 1,111,118 for the period.

The interim results for the period ending 30 June 2010 were approved by the board of directors of the IT company at a meeting held yesterday.

The results were posted at the Malta Stock Exchange shortly after 1pm today by company secretary Ivan Gatt.

The precursor to the UK election and the formation of the new coalition Government had “significantly impacted confidence across all sectors of the UK, resulting in a slowdown both public and private sectors orders during the first half of 2010,” the directors’ explained in their interim statement.

The directors’ also attributed the negative performance of 6pm plc for the first six months of 2010 when compared to the same period last year to the “Euro uncertainty created by national debt national debt announcements from several EU countries” which “added to these already poor trading conditions”.

As a result of these poor results, 6pm restructured “to improve sales prospecting, reduce costs, improve efficiency, reduce staff numbers where this did not disable the business, and tightened debt collection practices”.

Moreover, since April to the publication date of this report, the Executive Directors’ of the 6pm group had foregone salaries “to help safeguard the business for the future.”

The directors’ explained in their statement that the outlook for both Malta and the UK showed “signs of recovery with recent improvement in orders and qualified future prospects”.