LONDON (Alliance News) - Cyber-security software company Defenx PLC on Monday said its pretax loss widened in the first half of the year due to a drop in revenue.
Revenue fell to EUR701,000 from EUR3.1 million in the year, causing the security company's pretax loss to widen to EUR1.6 million from EUR1.5 million.
"The results for 2018 are expected to show minimal revenues and an operating loss. However, as a result of the initiatives put in place...the board believes that the business will become cashflow positive during 2019," said Defenx Executive Chairman Anthony Reeves.
Defenx also published its annual 2017 results, which showed a pretax loss of EUR12.0 million, swinging from a EUR1.6 million profit in 2016. Revenue for 2017 fell to EUR2.9 million from EUR7.1 million.
Separately on Monday it said it has received a EUR950,000 loan from majority shareholder BV Tech SpA.
The loan has an interest rate of 6% per annum and is repayable in full in January 2020. Within the loan, EUR150,00 can be drawn down immediately and the rest can be drawn 45 days later.
The loan is to shortly be replaced by "a convertible loan from BV Tech of the same quantum and on the same material terms".
Shares in Defenx were suspended on Monday, last closing at 12.50 pence.