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Essensys losses widen in H1 on pandemic impact
StockMarketWire.com
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Cloud and IT services provider essensys reported wider first-half losses as revenue was hurt by a reduction in demand for its IT services in offices amid the lockdowns.
For the half year ended 31 January 2021, the pre-tax loss widen to £1.7 million from £0.1 million year-on-year as revenue fell 7% to £10.6 million.
Revenue was impacted primarily by 'fewer connect sites commissioning compared to the pre-Covid period last year and by reduced marketplace revenue driven by fewer occupants in offices (particularly in the UK),' the company said.
Underlying profits and revenue, however, were in line with management expectations, the company said.
Looking ahead, the company said that while there 'remains uncertainty over the exact timing of the recovery from Covid-19 our current activity levels mean that we continue to expect results for the full year to be in line with market expectations.'
At 9:31am: (LON:ESYS) share price was 0p at 152.5p
Story provided by StockMarketWire.com
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