18th Mar 2019 10:23
LONDON (Alliance News) - Starcom PLC on Monday said its loss narrowed in 2018, helped by improved sales of higher-margin products.
The communications company said its pretax loss narrowed to USD831,000 in 2018 from USD1.4 million the year before, as revenue rose by 10% to USD6.0 million from USD5.4 million.
The company's loss before interest, taxes, depreciation, and amortisation was slimmed to USD8,000 from a USD193,000 loss a year earlier.
In hardware sales, more profitable products such as Tetis, Kylos and Watchlock represented over half of product revenue in 2018, Starcom said, demonstrating that the company is becoming less reliant on its original, lower margin, Helios tracking products which had dominated its revenue in previous years.
Tetis and Kylos provide tracking and monitoring solution for shipping containers, while Watchlock is a smart reporting padlock.
Looking ahead, Starcom said it intends to invest in expanding its business development team as it recognises the need to intensify its sales and marketing efforts.
"I am happy to report that the company achieved a further reduction in losses in 2018 and that Ebitda was close to breakeven for the year," said Chief Executive Avi Hartmann.
"We believe that Starcom continues to be acknowledged to be amongst the technological leaders in various fields of tracking, monitoring and internet of things technology," added Hartmann.
Starcom shares were trading 0.8% higher on Monday at 1.26 pence each.
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