StockMarketWire.com - Cloud services provider Essensys reported narrower half-yearly losses as revenue increased by nearly a fifth. The company said, however, the ongoing Covid-19 pandemic had delivered the commencement of projects.

For the half year ended 31 January 2020, pre-tax losses narrowed to £0.1m from £0.4m on-year as revenue rose 19% to £11.4m.

US recurring revenues up 52% and continue to grow strongly, with US business now larger than the UK in connect site numbers.

The second half of the year started well with trading in line with expectations as customers continued to deliver contracted connect sites as planned., the company said.

'In light of the Covid-19 outbreak, a number of these customer site openings have been delayed; however, the group has delivered 15 of these sites since the half year end and currently expects to deliver a further 20 over the second half of the financial year, predominantly in the US,' it added.

The company also detailed plans to place 4,635,762 shares at a price of 151p a share to raise gross proceeds of approximately £7m.



At 8:08am: [LON:ESYS] share price was 0p at 157.5p



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