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Simulation and training group SimiGon posted a deeper first-half loss after its sales and operations were disrupted by the Covid-19 pandemic.
Losses for the six months through June amounted to $1.27 million, compared to losses of $0.43 million year-on-year. Revenue slumped 50% to $1.35 million.
SimiGon said the fall in revenue reflected slower progress in delivering against project milestones due to Covid-19 restrictions and limitations on securing expected new business wins.
'SimiGon's core business supporting military aircrew training through direct Government contract and subcontracts has been adversely affected by the coronavirus,' chief executive Ami Vizer said.
'We are continually reassessing our prospects given the dynamic environment and restrictions imposed across our international business, but have concluded that performance for the financial year will be behind that of 2019.'
'This is unfortunate but understandable in the circumstances, and given that existing long-term relationships have remained strong, our contracts remain in place if delayed, and, with a resilient financial position, we are confident in the longer term prospects for the business.'
At 8:01am: (LON:SIM) SimiGon Ltd share price was -0.5p at 5.5p