29th Mar 2019 09:46
LONDON (Alliance News) - Financial settlement firm Billing Services Group Ltd said Friday its loss deepened as revenue fell on the loss of a major deal.
In 2018, the pretax loss widened 3.3% to USD9.4 million from USD9.1 million the year prior. This was after revenue fell 24% to USD16.1 million from USD21.1 million the year before.
Revenue suffered primarily due to withdrawal of third-party billing services by US telecommunications giant Verizon Inc from the start of January 2018.
Profit performance outperformed revenue after impairment charges fell to USD10.0 million in 2018 from USD15.3 million the year before. Billing Services emphasised these impairments charges means it no longer has any goodwill on its balance sheet.
"The 2018 results demonstrate both the company's disciplined response to challenging circumstances and the resiliency of its business model," Co-Chairs Denham Eke and Jason Wolff said.
Chief Executive Norman Phipps added: Our pursuit of strategic objectives is not diminishing our focus on the fundamentals of the business lines. We are endeavouring to maximize cash flow through better pricing, new sources of revenue, expense control and opportunities to leverage the billing platform. The board will remain focused on the future composition of the group and the optimization of capital allocation."
"In light of the potentially significant changes in the business, we will not provide guidance on future financial performance," Phipps added.
Shares in Billing Services were unchanged at 2.40 pence on Friday.
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