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Bonhill Group PLC on Wednesday posted a narrowed annual pretax loss in 2021, amid lower revenue.
Bonhill's pretax loss narrowed to £8.5 million in 2021, from £11.0 million in 2020.
However, revenue fell to £16.4 million from £17.8 million due to the impact of Covid-19 restrictions.
Bonhill is a London-based media company specialising in business information, events and data analytics. The firm reduced annual costs in 2021 by £3.9 million by adapting to the pandemic, Interim Executive Chair Jonathan Glasspool commented.
The company also announced it raised £1.1 million by placing new ordinary shares at a price of 5.5 pence each.
The proceeds will be used for working capital purposes.
Bonhill expects that 2022 will be a ‘much-improved year’ with a more balanced distribution of events. ‘The expected media revenue growth in 2022 is mainly driven by our US business,’ it explained.
Bonhill shares were 3.6% lower at 5.30 pence each in London on Wednesday morning.
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