- Mission-critical software provider and cloud solutions company K3 Business Technology reported wider losses following impairment and reorganisation costs.

The company also announced the appointment of Marco Vergani as chief executive officer. Vergani was recently Chief Operating Officer at Qubit.

For the year ended 30 November 2020, pre-tax losses widened to £20.9 million from £0.7 million year-on-year as revenue fell 2.5% to £48.8 million.

The wider losses included an impairment cost of £16.9 million after the company ceased developing legacy products to focus on developing its own IP products.

'Trading so far in the new financial year has been in line with the same period last year,' the company said.

At 9:29am: [LON:KBT] K3 Business Technology Group PLC share price was 0p at 114p

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