28th Feb 2019 10:55
LONDON (Alliance News) - eServGlobal Ltd on Thursday said its annual loss narrowed significantly despite a slight dip in revenue.
For 2018, the digital transactions technology company, posted a pretax loss of AUD16.8 million, or GBP9.0 million, compared to AUD36.5 million a year ago.
Revenue fell to AUD11.2 million from AUD12.2 million, however the company said it has over EUR2.6 million of delayed contracts - about AUD4.2 million - already secured in the first weeks of 2019.
A much lower cost of sales led to the loss reduction, as this more than halved to AUD7.7 million from AUD16.7 million.
Furthermore, eServGlobal slashed its sales and marketing expenses, down to AUD756,000 from AUD6.2 million a year prior.
Looking ahead, eServ said it entered 2019 with a strong pipeline which will help the business to break-even.
eServGlobal shares were trading down 0.4% at 6.85 pence each.
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