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Intercede said its full-year performance topped market expectations after the company reported narrower losses as its cost-cutting efforts and reorganisation of the management team improved performance.
For the year ended 31 March, pre-tax losses narrowed to £451,000 from £4.98m, and revenue grew 10% to £10.1m
Action taken to reduce the cost base by approximately £3.6m, resulted in a return to operating profit which represented a 'significant' turnaround from the losses incurred in recent years, the company said.
Operating expenses were reduced by 26% to £10,068,000 as the company generated operating profit of £16,000, compared with a loss of £4.51m a year earlier.
'We have ended this financial year in a much stronger position than we started it, with a strong leadership team and a clear focus on product and operational execution. I am confident this will continue strongly in FY20 and beyond as we deliver success,' the company said.
At 10:22am: (LON:IGP) Intercede Group PLC share price was +2.5p at 39.5p