Stone hails rock-solid year despite profit fall

PC builder records 12.5 per cent jump in revenue as one-off reorganisation costs hit bottom line

Public sector IT supplier Stone Computers achieved a record revenue haul last year although hefty one-off costs caused profits to fall slightly.

The Staffordshire-based PC builder and VAR recorded record revenue of £73.7m for its fiscal year ending 31 December 2012, up 12.5 per cent on 2011, according to a Companies House filing.

EBITDA before exceptional items also rose by 19.2 per cent to £3.1m, which Stone described as "pleasing" given the investments it made in creating a professional services team during the year.

Cash rose from £3.4m to £4m while net assets jumped by £1.4m year on year to £13.6m.

During the year, Stone expanded its life cycle management services with a view to doubling capacity of both its internal repair and recycling/refurbishment business.

However, operating profit fell from £1.9m to £1.6m and after-tax profits from £1.75m to £1.33m year on year as £601,000 of exceptional costs weighed down the bottom line.

This comprised £351,000 of exceptional reorganisation costs and £250,000 of costs stemming from legal and professional services changes following an internal review.

Stone is one of the UK's last-remaining sizeable system builders, serving the education, healthcare, emergency services, housing and local/central government sectors.