Shares in the financial services gorup jumped 21% this morning.
Companies: Octagonal PLC
Octagonal (LON: OCT) has released a trading update ahead of its Interims in December which announced "record" Revenues and Profits for its wholly owned subsidiary, Global Investment Strategy (GIS).
GIS reported Revenue of £3.4m and Profits of £1.6m for the six months to September 30, up from the £2.9m and £1.1m reported in FY16.
This represents an increase of 18% in Revenue and 40% in Net Profit from FY16.
The strong growth can be attributed to the Group's "significant work" on improving cost efficiencies and improving its margins.
Octagonal CEO and Chairman John Gunn commented:
"This is a good set of results for the half year as the second quarter is usually impacted by reduced trading volumes over the summer period. We also managed to improve revenues and profits in spite of the negative impact of a slightly strengthened pound as our revenues are by majority USD and to a lesser extent Euro and GBP denominated."
The period also saw the Group's Corporate Finance activities contribute positively to Revenue and Profit.
While Management acknowledge the Group remains subject to market fluctuations, they "continue to be confident" in the outlook for the remainder of the year.
It expects to report its Finals sometime before December 31.
The Group trades at a PE ratio on par with the industry median of 16x, with today's price hike to 3.7p representing a three-year high.
