StockMarketWire.com - Cyber security group GRC International cut its annual losses as the impact of the COVID-19 pandemic in the first quarter was less severe than expected.

For the 12 months ended 31 March 2020, pre-tax losses narrowed to £3.6m from £5.4m on-year, while revenue and billings were down 11% to £14.1m.

Gross profit margin increased to 57% from 54%, despite a 6% decrease in gross profit to £8.1m, the company said.

'FY19 contained the final, peak revenue months of the GDPR peak as well as the multi-month fall-off in GDPR demand and the extended period of 'right-sizing' the business. That is now well behind us and our FY20 H2 performance, in which we saw steady revenue improvements as well as positive monthly EBITDA, reflects our overall progress,' the company said.

'Although the COVID-19 shock had a short-term impact on our business, our agility and innovativeness enable us to respond quickly to changing demand patterns and to manage cost appropriately,' it added.

At 9:45am: [LON:GRC] GRC International Group Plc share price was 0p at 24p



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