- Cyber-security software group Defenx reported narrower annual losses as a fall in revenue was offset by lower costs.

For the year ended 31 December 3018, pre-tax losses narrowed to €3.8m from €12m a year earlier even as revenues fell tp €1.42m from €2.93m.

Sales via distributors were suspended during 2018 when it became clear that, after accounting for our marketing cost contributions to distributors and difficulties in cash collection, this channel was not proving profitable, the company said.

Operating expenses before transaction costs fell to €3.9m from €12,8m a year earlier.

'The first quarter of 2019 continued in very similar vein to 2018, but the second quarter benefited from the sales agreements with BV Tech reported above, the company added. 'Marketing of our next generation products is expected to commence in during the second half of 2019, restarting the business after our 'reboot'.'

At 9:27am: [LON:DFX] Defenx Plc share price was +0.28p at 4.63p

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