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Data science specialist Jaywing swung to a loss in the 12 months to 31 March 2020, according to its annual results statement published today.
Adjusted earnings before interest, taxes, depreciation, and amortisation amounted to a loss of £158,000 after a poor first half of the year, the company said.
Net revenue reached £24 million, down from £29.8 million in the 2018-19 financial year, while cash generated from operations fell to £953,000, from £2.4 million a year earlier.
Ian Robinson, non-executive chairman, said the results reflected a 'disappointing' first half of the year, followed by a 'more pleasing' second half after the board implemented a restructuring plan.
The restructuring was aimed at streamlining business processes and cost structures, and improving efficiencies and working capital performance, Robinson said.
He added: 'We continue to win new business and the recent realignment of our business sectors to align with the clients and market segments we serve should enable the business to further develop and tailor its comprehensive service offering to existing and new clients.'
At 1:54pm: (LON:JWNG) Jaywing Plc share price was 0p at 6.38p