30th Sep 2019 18:31
(Alliance News) - IQGeo Group PLC, a developer of geospatial software for the telecommunications and utility industries, on Monday posted a sharply widened first-half loss due to lower revenue generation and sharply higher operating costs.
For the six months to June 30, the company recorded a pretax loss of GBP3.2 million versus a GBP576,000 loss a year ago. Revenue fell 36% year-on-year to GBP3.6 million.
Total operating expenses - which includes of sales and marketing costs, share option expenses, depreciation charges and impairment costs - jumped 47% to GBP4.4 million from GBP3.0 million a year ago.
However IQGeo was upbeat. "The favourable market conditions reported in the 2018 annual accounts are continuing, driven by the digital transformation of our target markets. Combined with our unique and differentiated product set and refreshed sales infrastructure this is driving an improved pipeline and provides confidence in the business' opportunity and prospects for the future," said Chief Executive Officer Richard Petti.
IQGeo shares closed 2.0% higher at 41.80 pence in London on Monday.
By Tapan Panchal; [email protected]
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