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(Alliance News) - i-nexus Global PLC on Tuesday said it cut its annual loss by more than half, thanks to keeping costs to a minimum throughout the year.
For the financial year that ended September 30, i-nexus reported a pretax loss of GBP1.1 million, narrowed from GBP2.4 million in financial 2020. The Coventry, England-based software company cited costs reductions for the narrowing.
The cost savings included a combination of a reduced headcount, the continuing use of the government furlough scheme and not renewing the lease on its Coventry office, i-nexus explained. Administrative expenses, as an example, fell 27% to GBP4.1 million from GBP5.6 million.
Revenue fell 11% to GBP3.6 million from GBP4.1 million. i-nexus pointed to the pandemic's continued effect on its rate of new deal conversions and professional services billing for the drop.
Looking forward, i-nexus said it is entering the new financial year with a "greater level of level of optimism", adding that it is "well positioned" for delivering a year of growth.
Shares in i-nexus were down 1.0% at 5.20 pence on Tuesday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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