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Accesso Technology narrows annual losses on cost cuts
StockMarketWire.com
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Technology solutions provider Accesso Technology narrowed annual losses as cost cuts offset a fall revenue amid global lockdowns that dented its trading activity through most of the Europe and North America.
For the year ended 31 December 2020, pre-tax losses narrowed to $32.9 million from $57.6 million last year as revenue fell to $56.1 million from $117.2 million.
The company said the payment of a dividend is unlikely in the short to medium term with cash more efficiently invested in continued product development and integration efforts supporting the group's strategy.
Looking ahead, the company said it remains cautiously optimistic for 2021 as vaccine rollouts accelerate. 'We expect performance in H1 to be above 2020 levels with a return to something close to normal trading expected later in H2,' it said.
'With base level demand expected to be ahead of 2020, we anticipate neutral to slightly positive cash flow for 2021, based upon anticipated revenue of not less than $83m,' the company said.
At 10:03am: (LON:ACSO) Accesso Technology Group PLC share price was 0p at 310p
Story provided by StockMarketWire.com
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