- Cybersecurity company BrandShield Systems reported wider annual losses as a jump in costs offset increased revenue.

For the 12 months ended 31 December 2020, pre-tax losses widened to $2.6 million from $1.8 million year-on-year, while revenue increase 47% to $2.60 million.

The company reported a 71% increase in annual recurring revenue to $3.28 million.

'The increase in the loss is partly due to costs associated with the reverse takeover and the cost of share based payments,' the company said.

'The investment raised at the RTO is allowing BrandShield to expand its marketing and sales efforts and to drive ARR forwards. The platform is built to scale and therefore a focus on the top line and customer conversion is the over-riding priority for 2021,' it added.

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