2nd Jun 2020 10:27
(Alliance News) - Publishing firm Ingenta PLC on Tuesday said its 2019 loss widened as revenue edged downwards, reflecting the company's focus on fewer, higher quality contracts.
For 2019, Ingenta's pretax loss was GBP1.3 million, compared to GBP1.2 million for 2018, on revenue that dropped by 9.2% to GBP10.9 million from GBP12.0 million.
As well as the revenue decline, there were also higher impairments from intangibles and investments of GBP1.7 million versus GBP896,000 a year ago.
Before the Covid-19 outbreak, Ingenta said it planned to pay a dividend of 1.5 pence per share, in line with the year before. However, due to the economic uncertainties, the company has decided to delay any dividend announcement until a clearer outlook is available.
Looking ahead, Ingenta said it looks forward to 2020 with cautious optimism, as it plans to secure new Commercial customers on a recurring revenue model.
Although it has an improved operational structure, the group still expects a reduction in PCG revenue, while profit and cashflow are set to be lower than for 2019.
"I'm pleased with the progress made in 2019 and these results bear testament to the operational efficiencies we have implemented. The positive news is wide ranging and includes 6 new customer sales of our Commercial product during the year, having gained significant traction in our target markets," said Chief Executive Officer Scott Winner.
Shares in Ingenta were down 3.9% at 47.20 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
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