Tax credit pushes tenacious Triad back to black

It’s been so very tough for IT staffing firm, software product hopeful, and long-ago ex-Holway Boring Award winner, Triad (see Public sector spending cuts hurt Triad), but there is a glimmer of hope in the latest half-time results (to 30th Sep.). Although revenues slumped again, this time by 22%, to £9.6m, Triad turned in a small net profit (£140k) on the back of a £252k tax credit. Also, gross margins gained nearly a point to 16.2%, though Triad’s troubled, nascent location intelligence software play, Zubed, dragged the company into a small operating loss. Margins in the core resourcing business (almost 90% of revenues) improved from 2.8% to 4.5%. It can only be dogged tenacity that keeps Triad going – and long may that last.