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Digital television software provider Mirada said it expected to swing to a modest annual profit for the financial year just completed, while stating that it was too early to assess the full impact of the Covid-19 crisis on its customers.
Net profit for the year through March 2020 was seen reaching $0.3m, compared to a loss of $3.0m on-year.
Revenue was expected to be in excess of $13.0m, up from $12.3m.
Adjusted earnings before interest, tax, depreciation and amortisation of $2.3m was lower than current market expectations, the company said.
'Although our customers are currently experiencing exceptional increase in demand for their services owing to generalised lockdowns in their territories, it is still too early to predict the long term impact of the present situation on their businesses,' Mirada said.
The company said it had raised €1.25m of additional long-term unsecured loans, at 2% interest, with funding provided by Spanish banks and 80% guaranteed by the Spanish government.
'The loans are made available to support Spanish-based companies with their domestic and international operations,' it said.
'Although we do not yet know if the Covid-19 pandemic will have a long lasting impact on our customers' performance, the board believes that it is important to secure liquidity in the current environment, and is confident that it will not need to rely on additional equity funding to continue its operations for the foreseeable future.'
At 8:57am: (LON:MIRA) Mirada PLC share price was +25p at 102.5p