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EQTEC saw losses increase to €1.96m from €1.87m, however revenues made headyway growing to €1.56m from €0.55m, announced in its interim report for the six months ended 30 June 2019.
A debt for equity swap for approximately £2.70m of existing debt occured in June which resulted in a reduction of approximately 60% in EQTEC's debt obligations.
Net assets at the period end were €15.80m rising from €11.87m.
Post period, there have been cash cost reduction initiatives, including certain cash salary reductions for Directors and senior managers of the Company, currently being implemented.
The chairman mentioned in his statement:
'The company has made important progress on a number of fronts in the year to date and enters the remainder of the year with new leadership, a targeted and focused business strategy, a strengthened balance sheet together with reduced operating costs.'
At 9:02am: