17th Mar 2021 10:53
(Alliance News) -Â B90 Holdings PLC's year-long share suspension was lifted on Wednesday after the publication of its 2019 results and 2020 interims, as it also said it has raised EUR1.8 million in convertible loan note subscriptions.
Shares in the online marketing and operating company for the gaming industry were trading at 14.10 pence in London early Wednesday, having last traded at 4.75p a year ago when shares were suspended.
For 2019, revenue shrank to EUR1.1 million from EUR10.0 million in 2018, though the firm's pretax loss slimmed to EUR4.4 million from EUR16.9 million after the firm took just EUR5.4 million in administrative expenses in 2019 from EUR26.9 million the year before - with 2018 seeing the company book a EUR10.7 million bad debt impairment.
For the six months to the end of June, B90 reported a fall in revenue to EUR321,000 from EUR520,000, primarily due to the pandemic which caused the cancellation of the vast majority of sporting events globally. Pretax loss for the period amounted to EUR988,742 versus EUR972,738 a year ago.
In a separate release on Wednesday, B90 said that whilst trading since the 2020 half-year mark has been in line with revised expectations, it continues to reduce operating costs to match current operations and the directors continue to manage the group's cash resources "carefully".
"Whilst the group has raised additional funds by way of the convertible loan, the group continues to remain reliant on being able to manage its cash resources carefully, continuing to manage its creditors and trading being in-line with management's expectations. Furthermore, should trading not be in line with management's expectations going forward, the group's ability to meet its liabilities may be impacted, in which case the group will need to raise further funding," the company said.
Positively, it considers the participation of Ronny Breivik - an entrepreneur with significant expertise in the online game sector - in the convertible loan, to the tune of EUR500,000, a "significant development" and looks forward to working with him when he joins the group in a senior role to oversee "certain operational activities".
Following the resumption of trading in the company's shares, B90 said it is actively considering further enhancements to the board, including the appointment of an additional non-executive director.
By Lucy Heming;Â [email protected]
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