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Starcom refocuses after COVID-19 hits trading
StockMarketWire.com
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Technology company Starcom said it was focusing on strong customer relationships and new opportunities after the COVID-19 pandemic hit its trading volumes.
The company said its revenues had been hit 'significantly' by the slowdown in activity. It took cost-cutting measures and secured additional bank facilities, enabling Starcom to continue to trade, 'albeit at levels lower than expected in earlier management budgets'.
It highlighted work with US companies Zero Motorcycles and CropX, which it said were examples of 'customers which we believe will gradually become key drivers of Starcom's future growth'.
'Even in times like these, as new orders are difficult to secure, Starcom's recurring and high margin software-as-a-service revenues of approximately $170,000 per month continue to be collected and provide a solid foundation underpinning the overall revenues,' the company said.
At 9:17am: (LON:STAR) Starcom PLC share price was +0.03p at 0.88p
Story provided by StockMarketWire.com
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