- Network hardware supplier Ethernity Networks reported wider losses as research and development costs swelled offsetting a rise in revenue.

For the year ended 31 December 2019, pre-tax losses widened to $4.5m from $2.5m on-year, while revenues increased by 19.6% to $1.34m.

The loss before interest, tax, deprecation and amortisation, when adjusted for R&D capitalisation, improved by 35.3% to a loss of $1.52m from loss of $2.35m on-year.

Gross margins increased by 41.6% to $1.15m, while R&D expenses jumped to $2.8m from $473K.

Looking ahead, the company said the current year will be 'another period of particular challenges to continue developing customer engagements, and finance and grow the revenue delivery from current modest levels, into milestone new contracts.'

At 8:47am: [LON:ENET] Ethernity Networks Ltd share price was +1p at 20.5p

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