- Kingswood reported a wider annual losses as a jump in costs offset revenue that more doubled thanks to a boost from acquisitions.

For the year ended 31 December 2020, pre-tax losses widened to £10.7 million from £9.0 million year-on-year as revenue rose to £25.5 million from £10.1 million year-on-year.

Direct expenses rose to £8.5 million from £868,000 year-on-year and total operating expenses were up to £16.2 million from £9.0 million.

'Our immediate focus is to deliver operating margins in the UK more than 30% and a Cost to Income ratio of less than 70%,' the company said.

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