StockMarketWire.com - IDE reported a narrower annual loss as falling revenues were offset by cost cuts.

For the year ended 31 December, the company reported a loss before tax of £28.2m, compared with a loss of £13.0m a year earlier even as revenues slipped to £41.1m from £53.7m.

The narrower loss was driven by the company's efforts to reign in cost.

As a result of the strategic and operational review undertaken, annualised staff cost fell by £7.2m.

'Towards the end of the year, several of the Group's material customers renewed their contracts with IDE, some on a multi-year basis, and at the time of writing, the pipeline of opportunities across the business both with existing and new customers and partners is the strongest it has been since my involvement,' the company said.

'The Group has been trading profitably at an Adjusted EBITDA level in the year to date. We are confident our strategy is on track and look forward to reporting continued progress throughout the current year,' the company added.


At 2:06pm: [LON:IDE] IDE Group Holdings Plc share price was -0.33p at 0.68p



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