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Digital music solutions provider 7digital said it was on track to achieve operational profitability in the second half of the year for the first time after reporting narrower first-half losses.
For the six months ended 30 June 2020, pre-tax losses narrowed to £945,000 from £3 million year-on-year, while revenue fell to £3.1m from £4.5m.
The company slashed administrative expenses by 49% to £3.2m.
'Even with the impact of COVID-19, the Group entered H2 2020 with more customers and a higher sales pipeline than it entered H2 2019,' the company said. '7digital is on track to achieve operational profitability in the second half of 2020 for the first time and deliver value for our shareholders.'
The company also provided an update for the year ended 31 December 2019, in which pre-tax losses were cut to £6 million from £12 million year-on-year thanks to a 52% decline in expenses.