(Sharecast News) - Events and data analytics firm Bonhill said on Tuesday that it losses had widened despite continuing to trade ahead of expectations in the first half of and a series of cost-saving measures that lifted margins.
However, Bonhill still posted an interim loss of £11.1m for the six months ended 30 June, a 362% widening year-on-year, as revenues crashed 28% to £7.8m in the period.
Gross margins grew to 78% from 63% as a result of various cost-saving initiatives.
The AIM-listed group stated profits had been hurt by £6.6m impairment resulting from the "significant effect" of the Covid-19 pandemic on trading.
Bonhill said: "The group continues to trade ahead of the expectations released on 9 April 2020. This is driven by strong monthly revenues and the positive impact of the various cost-saving initiatives undertaken."
Elsewhere, Bonhill nominated Sarah Thompson, formerly of Redcentric, as chief financial officer, with immediate effect.
As of 1330 BST, Bonhill shares were down 2.98% at 7.16p.
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