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Starcom PLC - remote tracking systems firm, headquartered in Jersey - Continues to trade, though at levels below what had been expected in earlier management budgets, after securing additional bank facilities and cutting costs. Customers, as previously reported, have been reducing activity since March due to Covid-19 and "revenues have been hit significantly".
"The company continues to maintain and further develop its customer relationships, especially the long-term relationships with strategic customers which we believe will gradually become key drivers of Starcom's future growth. We also continue to explore new opportunities to strengthen the pipeline that may contribute to sales in 2021, when trading at our customers will hopefully return to some sort of normality," says Starcom.
Recurring and high-margin software-as-a-service revenue of around USD170,000 per month still being collected, providing "solid foundation" and most active clients still subscribed to the service, allowing Starcom to keep its research and development effort at pre-Covid-19 level.
Current stock price: 0.87 pence
Year-to-date change: down 24%
By Anna Farley; annafarley@alliancenews.com
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