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Radio networks infrastructure company CyanConnode reported narrower losses as costs cuts helped to offset a fall in revenue.
For the 12 months ended 31 December 2019, pre-tax losses narrowed to £5.4m from £6.3m as revenue fell to £2.3m to £4.5m on-year.
The weaker-than-expected revenue was blamed on a delay in the rollout of a large Indian contract.
Operating costs were reduced by £2.2m to £6.9m
'CyanConnode is managing cash and costs and it expects to meet its obligations as and when they fall due,' said CyanConnode. Almost £1m of cash has been received from customers since the period end. In addition, to further improve its financial position, CyanConnode has secured funding against future research and development tax credits.'
At 9:52am: (LON:CYAN) CyanConnode PLC share price was 0p at 1.95p