AIM IP specialist Tekcapital to sell or float all four portfolio companies 'within 2 years'. Watch the full video here

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksStarcom Share News (STAR)

Share Price Information for Starcom (STAR)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.775
Bid: 0.75
Ask: 0.80
Change: 0.00 (0.00%)
Spread: 0.05 (6.67%)
Open: 0.775
High: 0.775
Low: 0.775
Yest. Close: 0.775
STAR Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

RNS Alerts are a premium feature

Login to your account

myTerminal is a premium feature

Login to your account

Don't have an account? Click here to register.

Starcom Falls Behind Expectations And Loss Widens Amid Pandemic

Thu, 20th Aug 2020 14:35

(Alliance News) - Starcom PLC on Thursday said its loss widened in the first half of 2020, dropping behind its expectations, as the pandemic stalled the company's early momentum.

Shares in Starcom were down 13% at 0.98 pence in London in afternoon trading.

The remote tracking systems firm, headquartered in Jersey, reported a USD716,000 pretax loss for the six months ended June 30, widened from a USD505,000 loss the year before.

Most significant in this was a 26% revenue decline to USD2.3 million from USD3.1 million.

Chair Michael Rosenberg explained that: "At the beginning of the year, our expectations for 2020 were to comfortably beat 2019's results, based on a strong pipeline of firm and prospective orders that had been built and the launch of the new product, Lokies. However, the positive early momentum was abruptly halted by the pandemic. From March 2020 onwards many of our customers were locked down and consequently were unable place orders as expected."

As such, revenue suffered and the company had to implement "drastic cost reduction measures" to keep its cash position stable.

Chief Executive Avi Hartmann said: "Although these results are below our original expectations, we are pleased to have been able to deliver in excess of USD2 million of revenue in a period when the impact of Covid-19 created an unprecedented situation from March onwards, with many of our clients in complete shutdown. Notwithstanding this, we have managed to stabilise the business by maintaining engagement with customers, ensuring that we are able to support both existing customers, and are prepared to respond to both new opportunities and projects that recommence, as and when business conditions improve."

By Anna Farley; annafarley@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News

TRADING UPDATES: Arbuthnot swings to loss, to assess dividends in 2021

TRADING UPDATES: Arbuthnot swings to loss, to assess dividends in 2021

25 Mar 21 17:37

AIM WINNERS & LOSERS: Tandem rises on strong results, positive outlook

AIM WINNERS & LOSERS: Tandem rises on strong results, positive outlook

25 Mar 21 11:28

TRADING UPDATES: Dekel's Ayenouan Sales Up; Pittards Order Book Strong

TRADING UPDATES: Dekel's Ayenouan Sales Up; Pittards Order Book Strong

10 Feb 21 11:24

Starcom swings to a FY loss as both margins and revenues contract

(Sharecast News) - Asset tracking solutions provider Starcom said on Wednesday that it had swung to a loss in 2020 as both margins and revenues contracted during the year.

10 Feb 21 09:00

IN BRIEF: Starcom Granted Loan Of ILS1.2 Million As Pandemic Support

IN BRIEF: Starcom Granted Loan Of ILS1.2 Million As Pandemic Support

10 Dec 20 21:32

IN BRIEF: Starcom Still Trading Though Below Prior Budget Expectations

IN BRIEF: Starcom Still Trading Though Below Prior Budget Expectations

15 Oct 20 14:59

Starcom revenues 'significantly' hit by Covid-19

(Sharecast News) - Internet-of-Things solutions provider Starcom said on Thursday that revenues had been "hit significantly" by the Covid-19 pandemic.

15 Oct 20 10:38

Starcom Falls Behind Expectations And Loss Widens Amid Pandemic

Starcom Falls Behind Expectations And Loss Widens Amid Pandemic

20 Aug 20 14:35

IN BRIEF: Starcom Pens GBP1.2 Million Israeli Loan

IN BRIEF: Starcom Pens GBP1.2 Million Israeli Loan

6 Jul 20 20:32

UK Shareholder Meetings Calendar - Next 7 Days

UK Shareholder Meetings Calendar - Next 7 Days

6 Jul 20 15:44

UK TRADING UPDATE SUMMARY: BATM Gets EUR29 Million Ventilator Order

UK TRADING UPDATE SUMMARY: BATM Gets EUR29 Million Ventilator Order

22 Apr 20 15:40

UK WINNERS & LOSERS SUMMARY: Travel Stocks Left Behind By Market Rally

UK WINNERS & LOSERS SUMMARY: Travel Stocks Left Behind By Market Rally

2 Mar 20 10:44

Starcom Reports Double-Digit Annual Revenue Growth But Loss Widens

Starcom Reports Double-Digit Annual Revenue Growth But Loss Widens

2 Mar 20 09:48

Starcom Signs Three Year Agreement With US Shipping Services Provider

Starcom Signs Three Year Agreement With US Shipping Services Provider

19 Feb 20 10:46

Starcom inks supply and support agreement with US shipping service

(Sharecast News) - Internet-of-things solutions developer Starcom has entered into a new three year supply and support agreement with US shipping service CubeMonk.

19 Feb 20 08:43

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.