24th Oct 2019 12:07
(Alliance News) - i-nexus Global PLC on Thursday said its sales were weaker than anticipated in its most recently ended financial year resulting in widened loss.
The Coventry, UK-headquartered company said it expects to report total recognised revenue of GBP4.8 million for the year to the end of September, up 2.1% from GBP4.7 million reported the year before.
It also expects to report earnings before interest, taxes, depreciation, and amortization and pretax profit in line with market forecasts, at a loss of GBP4 million and GBP4.2 million, respectively. A year ago, the company delivered Ebitda loss of GBP660,000 and pretax loss of GBP1.0 million.
"A combination of factors have resulted in sales being weaker than originally anticipated, leading to a disappointing revenue result," said Chief Executive Simon Crowther. "While this is frustrating, we have taken swift remedial action and, as a result, delivered Ebitda in line with our prior expectations."
The company said it expects to announce its annual results in early December.
The stock was untraded in London at midday on Thursday, last closing at 24.60 pence a share.
By Evelina Grecenko; [email protected]
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