Catenae Innovation PLC - digital media firm based in Newcastle - Says its "disappointing" results for its year ended September 30 reflected challenging conditions faced during the period as market activity slowed due to the lack of political certainty caused by Brexit. Revenue fell 35% to GBP102,549 from GBP157,218 recorded the year prior. However, pretax loss narrowed to GBP825,230 from GBP1.1 million, with the narrowed loss attributed to cost cuts. Administrative expenses were GBP1.1 million, down from GBP1.3 million.
Looking ahead, Catenae said that with its corporate restructuring now complete, it is now in a more stable position, and is therefore confident in its ability to seek new growth opportunities. It added that in efforts to conserve cash, for the foreseeable future, all employees will work remotely and all business meeting will be held using video conferencing platforms. As at Friday, the company had cash of GBP1.0 million.
Current stock price: 2.67 pence
Year-to-date change: more than doubled from 1.10p
By Ife Taiwo; ifetaiwo@alliancenews.com
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