2nd Mar 2020 09:48
(Alliance News) - Starcom PLC on Monday said it anticipates growth going forward despite its loss widening in 2019.
The Chicago-headquartered media company reported a pretax loss of USD1.0 million for 2019 compared to USD831,000 loss a year earlier, as operating expenses increased to USD3.5 million from USD3.3 million. Starcom explained that costs grew mainly due to non-cash expenses such as depreciation and share option provisions.
Revenue, meanwhile, grew by 14% to USD6.8 million from USD6.0 million year-on-year.
Adjusted earnings before interest, tax, depreciation and amortisation totalled USD300,000 versus USD8,000 Ebitda loss a year ago.
"I am pleased to report another year of progress for the company, moving into Ebitda positive for the first time, which we believe is a turning point and a clear indication of the company's future performance," said Chief Executive Avi Hartmann.
Looking ahead, Hartmann added: "Based on our existing range of products, mature technology, global client base, recurring software-as-a-service revenue and substantial sales pipeline, the company anticipates continued growth in 2020."
The company also said it plans to expand its sales & marketing team to strengthen the ability to take advantage of the opportunities, and to maintain and improve its "competitive edge".
AIM-listed Starcom shares were trading 8.6% higher in London on Monday at 1.20 pence each.
By Evelina Grecenko; [email protected]
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