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(Alliance News) - Iconic Labs PLC on Thursday reported a widened loss for its financial year ended June 2021, despite a sharp rise in revenue.
Results for the year ended June 30, 2021 were belatedly reported on Thursday.
The company explained that it was only able to prepare its accounts for financial 2021 in the fourth quarter of 2022, because it was focused on restructuring the company, settling "various legal disputes", and exiting administration, after entering it on June 4, 2021.
The London-based media and technology company reported a pretax loss of GBP7.7 million in the financial year that ended June 30, which widened from GBP2.8 million a year prior.
The company's administrative expenses jumped 52% to GBP3.6 million versus GBP2.4 million.
Iconic attributed the loss to penalties incurred as a result of the defaults in the period, totalling GBP4.7 million.
Revenue multiplied to GBP509,171 from GBP107,303. The company explained that it related to the provision of management services to a digital and social publisher.
The company noted that it is at an early stage of development of its future strategy and is not currently profitable.
Looking ahead, it stated that future revenue and profit are dependent on its current trading suspension being lifted.
By Abby Amoakuh, Alliance News reporter
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