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.
Starcom stated that the coronavirus had caused many customers to reduce activities since March, a move that had taken its toll in the firm.

The AIM-listed group said cost-cutting measures had been taken and additional bank facilities were secured earlier in the year to support cashflow and enable the group to continue to trade, albeit at a lower level than expected in previous budgets.

Starcom said it continued to maintain and further develop customer relationships, especially long-term relationships with strategic customers and stated it was also looking to explore new opportunities to strengthen its pipeline.

The firm also added that recurring and high margin software-as-a-service revenues of approximately $170,000 per month continued to be collected.

"We are confident that by maintaining our technological advantage, in parallel to maintaining the customer relationships, we will be able to come out of the crisis ready to exploit the many opportunities that will present themselves," said Starcom.

As of 1035 BST, Starcom shares were down 2.00% at 0.83p.