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Ingenta swings to profit as cost cuts offset fall in revenue
StockMarketWire.com
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Publishing software and services Ingenta swung to a profit as cost cuts offset a pandemic-led fall in demand that dented revenue.
For the year ended 31 December 2020, pre-tax profit was £264,000 rom a loss of £1.3 million year-on-year even as revenue fell to £10.2 million from £10.9 million.
'The group's cost of sales declined in line with revenue to deliver stable gross margins. Sales and marketing spend was reduced due to the cancellation of a significant number of trade shows in 2020,' the company said.
'As anticipated, group revenue decreased slightly from the prior year as the business refocussed itself towards its core software offering and reduced reliance on the sales consultancy services delivered by PCG,' it added.
Looking ahead, following streamlining of its operations, the company said its strategy to 'enhance recurring revenue growth has started to deliver results driven by a focussed product set tailored to meet the needs of our customers, whilst providing a clear upgrade path as required.'
The company kept its dividend steady at 1.5 pence per share, unchanged from last year.
At 8:44am: (LON:ING) Ingenta Plc share price was 0p at 86p
Story provided by StockMarketWire.com
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