- IT services provider IDE slashed annual losses as efforts to rein in costs boosted margins and helped offset a fall in revenue.

For the year ended 31 December 2019, pre-tax losses narrowed to £10.9m from £30.5m on-year, while revenue fell to £28.2m from £41.1m.

Gross profit margins increased to 22.8% underpinned by ongoing cost cuts.

'Following the cost reduction programme started in 2018, and a renewed focus on customer retention and service delivery, in order to drive increased profitability and cash generation, the group ended the year in a much stronger position than it started it,' the company said.

Looking ahead, the company said the Covid-19 impact had been limited, as the uptick in remote working had propped up demand.

'Although, with the easing of the COVID-19 lock down seen in early July the impact on the group has been temporary and limited; to date IT managed services have remained buoyant during the UK-wide lock down, with increased reliance on mobile working and the need to facilitate customers' staff working remotely,' the company said.

At 9:26am: [LON:IDE] IDE Group Holdings Plc share price was -0.05p at 2.75p

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