2nd Dec 2020 11:28
(Alliance News) - i-nexus Global PLC on Wednesday said a reduction in costs helped to deliver a narrowed loss for financial 2020 despite challenges created by the pandemic.
Shares in the strategy execution software provider were trading 2.5% higher at 5.38 pence each on Wednesday morning in London.
For its financial year ended September 30, i-nexus posted pretax loss of GBP2.4 million, narrowed significantly from GBP4.3 million recorded for financial 2020. This was despite revenue falling 15% year-on-year to GBP4.1 million from GBP4.8 million as the pandemic made it difficult to convert new opportunities into sales and new business discussions were halted.
However, cost reduction measures implemented during the year meant the company was able to reduce administrative expenses to GBP5.3 million from GBP7.8 million.
Looking ahead, Chief Executive Simon Crowther said: "Our sales pipeline continues to develop with solid new opportunities being created monthly, however conversion on a timely basis is an ongoing challenge with Covid-19 still a factor. While conscious of the continuing challenges ahead, we have entered the new year in a strengthened financial position and with cautious optimism."
Cash held as at September-end was GBP120,011, down from GBP1.5 million on September 30, 2019.
By Ife Taiwo; [email protected]
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