Anti-counterfeiting technology specialists Opsec Security Group have slashed their pre-tax loss from £2.2m to £600,000, figures reveal in their half yearly report.
Interim results for the six months ended September 30 show the company has also boosted group revenue by 8.5% to £29.8m and adjusted operating profit is also up by 110 % to £1.6m.
The Sunderland business, which makes holographic products that help to combat counterfeiting and fraud, said revenues within its Government Protection division grew by 30.5% thanks to orders from an Asian currency customer and shipments to new customers,
Transaction card revenues also increased by 32.4%.
Brand Protection revenues, however, were down 7.4% due to price reductions and lower order levels from key EMEA customers.
Chairman Richard Fuller said: “The benefits of the new business secured in the prior year and high order levels in the transaction cards market are expected to continue to have a positive impact on the second half of the current year.
“This will be offset by an expected downturn in order levels in the Government Protection market in the second half.”
“The rationalisation of the Group’s operating facilities should, when completed, enhance profitability in the next financial year.”