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Workflow management software company Checkit reported wider losses as a sharp rise in revenue was offset by one-off costs owing to the impact from the Covid-19 pandemic.
For the year ended 31 January 2020, pre-tax losses widened to £16.4m from £4.5m on-year, while revenue jumped to £9.8m from £1m on-year.
The wider losses were blamed on non-recurring or special items resulting from the corporate restructuring during the year, amortisation of acquired intangibles and impairments of intangible assets as a result of the Covid-19 crisis.
'The group will continue to be significantly affected by the COVID-19 crisis for at least the remainder of FY21 (to 31 January 2021),' the company said.
'During the current financial year, the focus is on completing the integration of Checkit UK (expected by the end of the current financial year) and a successful separation of Bulgin during the period of its transitional services agreement which ends in September 2020,' it added.
At 9:55am: (LON:CKT) Checkit Plc share price was -1p at 29p