Scotland business

Pinnacle Technology gets lift from Jubilee contract

The Queen during Diamond Jubilee tour
Image caption Pinnacle won a number of new contracts during the period including one for the Jubilee

Telecoms firm Pinnacle has reported a doubling of turnover, helped along by new contract wins including one for the Queen's Jubilee.

The company had sales of £6.3m and increased gross profit by 80% to £2m in the six months to 31 March.

However after one-off charges including acquisitions, the company made a loss of nearly £0.5m.

During the period Pinnacle delivered 100 contracts and won several new ones, including the Olympics and the Jubilee.

After a number of acquisitions, the firm changed its name to Pinnacle Technology Group which it said reflected "the change in our technological advancement".

The Paisley-based firm was formed in 2002 to provide IT and telecoms services mainly for small and medium-sized businesses.

It has also provided services at events such as T in the Park, the Pope's visit and the Chelsea Flower Show.

Alan J Bonner, chief executive of Pinnacle, said: "These results demonstrate the increased scale of Pinnacle.

"Through our programme of targeted acquisitions, we have built an IT services business with a strong base of recurring revenues, operating in niche, high growth markets such as data, multi-site connectivity and security.

"Our large customer base of over 3,000 businesses across the UK represents a significant platform for future growth and our focus in our traditionally stronger second half of the year will be on further cross-sales of our enlarged product suite into this base."

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