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Bagir saw its pre-tax loss reduce to $1.05m from $3.6m in its half year report for the period ending 30 June 2019.
Revenue grew 32% to $32.8m driven by increased sale orders from existing customers with sales to 19 September reaching $46.0m.
On 19 June 2019, a new unconditional completion date, of 31 March 2020, was announced for Shandong Ruyi to make the remaining cash payment of $13.2m and complete the proposed transaction.
In addition to the cost reductions achieved in 2018, Bagir is targeting further cost savings from the operational base during H2 2019 of approximately $0.8m per annum.
Bagir is on track to generate revenues of around $59.0m.
Micha Ronen, chief executive of Bagir, said:
'Despite the challenging retail and political backdrop, Bagir has succeeded in delivering improvements in all operational parameters.'
'We expect the market to continue to be challenging and we are in the process of taking all necessary steps to adjust our organization to the market conditions and to better leverage our advantages in the market.'
'We have agreed a new date for completion of the transaction with Shandong Ruyi and we are collaborating together to support potentially one of their clients with a large production order from Vietnam.'
'At the same time we are focused on developing the Group on a standalone basis, operationally we see greater opportunities to exploit our innovative product ranges and to expand further into the tailored uniform market alongside the Group's core business of manufacturing tailored garments to major apparel clients in the US and UK.'