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Mobile data services provider Touchstar upgraded its annual profit and cash guidance, as it continued a transition to a software-as-a-service model.
Net profit for the year through December was expected to triple, beating market expectations, the company said in a trading update. Earnings before, interest, tax, depreciation and amortisation as seen rising 20% year-on-year, with cash generation to be 'considerably stronger' than expected.
Touchstar said it would have a year-end cash balance of £2.5 million and an order book of £646,000.
Looking ahead, the company said the rate of growth in revenue and EBITDA would accelerate in 2022 'driving further substantial improvement in financial performance'.