Pittards PLC said its first-half normalized net income came to 2 Great British pence per share, a decline of 49.5% from 4 pence per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £257,500, a decrease of 26.8% from £351,880 in the year-earlier period.

Total revenue declined 14.4% on an annual basis to £13.4 million from £15.6 million, and total operating expenses fell 14.3% on an annual basis to £12.8 million from £14.9 million.

Reported net income fell 51.0% year over year to £216,550, or 2 pence per share, from £441,900, or 4 pence per share.