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IN BRIEF: Brandshield Systems interim loss narrows on higher revenue

19th Sep 2023 18:18

Brandshield Systems PLC - London-based cybersecurity solutions provider - Pretax loss in the first half of 2023 narrows to USD2.8 million from USD4.1 million a year prior. Revenue climbs to USD4.4 million from USD2.8 million. Sales and marketing expenses decrease to USD2.5 million from USD1.8 million. Looking ahead, notes "solid" start to the second half of 2023 and focuses on reducing cash burn which has a "marked impact on gross margins" as the company is on the way towards becoming cash positive, it says. Chief Executive Officer Yoav Keren says: "Our ongoing sales and marketing efforts, alongside the growing reputation that BrandShield continues to build across the industry for innovation and product excellence, as highlighted by Frost & Sullivan earlier in the year, continues to drive customer growth."

Current stock price: 4.50 pence, closed 8.4% higher on Tuesday in London

12-month change: down 53%

By Tom Budszus, Alliance News reporter

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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