21st Sep 2020 20:32
GRC International Group PLC - governance, risk management and compliance software - Narrowed its annual losses and says impact of the Covid-19 pandemic in first quarter less severe than expected. For financial year ended 31 March, pretax loss narrowed to GBP3.6 million from GBP5.4 million in financial 2019, revenue was down GBP14.1 million from GBP15.8 million. Reports substantial reduction to underlying earnings before interest, tax, depreciation and amortisation with loss of GBP1.5 million, narrowed from loss of GBP4.3 million. Says first quarter impact of the Covid-19 pandemic less severe than management had anticipated. "In FY20 GRC International continued to increase its cyber security revenues and encouragingly from September 2019, returned to EBITDA-positive monthly trading. In a year of macro-economic and Brexit uncertainty, bookended by the growing Covid-19 crisis, the group's focus on delivering value for its clients saw a 22% increase in cyber security consultancy revenue; ongoing investment in product development, automation and software supported the steady improvement in gross margin," notes Chief Executive Alan Calder.
Current stock price: 23.00 pence
Year-to-date change: up 84%
By Arvind Bhunjun; [email protected]
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