(Alliance News) - Bonhill Group PLC on Wednesday posted a narrowed annual pretax loss in 2021, amid lower revenue.
Bonhill's pretax loss narrowed to GBP8.5 million in 2021, from GBP11.0 million in 2020.
However, revenue fell to GBP16.4 million from GBP17.8 million due to the impact of Covid-19 restrictions.
Bonhill is a London-based media company specialising in business information, events and data analytics. The firm reduced annual costs in 2021 by GBP3.9 million by adapting to the pandemic, Interim Executive Chair Jonathan Glasspool commented.
The company also announced it raised GBP1.1 million by placing new ordinary shares at a price of 5.5 pence each.
The proceeds will be used for working capital purposes.
Bonhill expects that 2022 will be a "much-improved year" with a more balanced distribution of events. "The expected media revenue growth in 2022 is mainly driven by our US business," it explained.
Bonhill shares were 3.6% lower at 5.30 pence each in London on Wednesday morning.
By Tom Budszus; tombudszus@alliancenews.com
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