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(Alliance News) - Aeorema Communications PLC on Monday reported a "robust" first half due to a raft of new business wins and the creation of new projects.
For the six months to the end of 2019, the operator of the live events recorded revenue of GBP2.9 million from GBP1.9 million in the comparative period the year prior, reflecting a 53% rise. Pretax loss narrowed to GBP89,650 from GBP138,411 year-on-year.
However, Aeorema said the Covid-19 outbreak has led to clients postponing events into the next financial year. It expects a pretax loss for financial 2020 to be between GBP150,000 and GBP250,000.
Aeorema is still confident the revenue and profit from postponed events will now fall in financial 2021.
The company has implemented cost-cutting measures which have included reducing the number of its employees by 25%. Further, Non-Executive Chair & largest shareholder Mike Hale will not be taking any salary until further notice.
As at December 31, Aeorema had cash of GBP1.4 million, rising to GBP1.7 million as of Monday.
Looking ahead, Hale said: "We remain vigilant about opportunities that may emerge where we can use our strong position to offer companies with fewer resources join our group and remain well-positioned to win new business across our divisions including within our moving image department."
The stock was untraded on Monday morning in London, last quoted at 14.00 pence each.
By Ife Taiwo; ifetaiwo@alliancenews.com
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