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IDE eyes further cost cuts, maintains outlook as earnings decline
StockMarketWire.com
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Cloud and IT services provider IDE touted further cost cuts and maintained its outlook on annual performance as second-half revenue and earnings declined compared with the first half of the year, in line with expectations.
Second-half revenue and earnings before interest, taxes, depreciation and amortisation (EBITDA) were slightly down on the first half.
IDE said it expected to report revenue of £23.6 million, down from £28.2 million last year, and adjusted EBITDA of approximately £0.5 million, down from £1.1 million, for the year ended 31 December 2020.
'The directors continue to monitor the group's cost base and anticipate further savings to be made in the coming months given the ongoing level of churn in certain service lines, in particular cloud and networks,' the company said.
Story provided by StockMarketWire.com
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