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Invoicing software group Tungsten posted a deeper annual loss after it wrote down the value of a previous acquisition.
Pre-tax losses for the year through April amounted to £25.9m, compared to losses of £5.3m on-year. Revenue rose 2% to £36.8m.
Tungsten booked a non-cash goodwill impairment of £23.0m on the value of OB10, which was acquired in 2013.
The company said the write down reflected unprecedented economic conditions brought about by the Covid-19 pandemic.
Adjusted earnings before interest, tax, depreciation and amortisation rose to £2.7m, up from £0.6m.
In the first quarter of the current financial year, transactions had declined 8%.
However, Tungsten said its current pipeline visibility and expected new sales performance meant it still expected to meet external forecasts for the full year.
'Tungsten has undergone significant corporate and operational enhancements this year delivering improved revenue growth and cash flow generation,' chief executive Andrew Lemonofides said.
'Despite the challenges of Covid-19, the business has produced a solid financial performance which reflects the new team in place and the focus on improved sales execution, cost management and the high recurring revenue model.'
'Trading performance in the first quarter of the 2021 financial year has been robust despite the impact of Covid-19 and we have secured further new customer wins and a strategic partnership agreement to expand our product offering.'
'Although these are uncertain times, we continue to expect to deliver growth in the 20201 financial year as we benefit from improved sales performance.'
At 9:49am: (LON:TUNG) Tungsten Corporation share price was -0.2p at 37.6p