StockMarketWire.com - Events and data analytics company Bonhill said it continued to trade ahead of expectations after implementing cost-saving measures that boosted margins.

The company, however, reported wider first-half losses as revenue fell after live events were cancelled or postponed in the wake of the coronavirus pandemic.

For the six months ended 30 June 2020, pre-tax losses widened £11.1m from £2.4m on-year as revenue fell 28% to £7.8m.

Profit was hurt by an impairment of £6.6m as the impact of Covid-19 in 2020 had a significant effect on performance, the company said.

Following the impact of Covid-19, the group had to 'rely solely on digital and media revenue for three months of the first half as all live events were cancelled or postponed,' it added.

Gross margin increased year-on-year to 78% from 63%.

'The group continues to trade ahead of the expectations released on 9 April 2020. This is driven by strong monthly revenues and the positive impact of the various cost-saving initiatives undertaken,' the company said.



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