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Grafenia trimmed first-half losses on higher revenue thanks to growth in services, subscription and licence income.
For six months ended 30 September 2019, pre-tax losses narrowed to £1.20m from £1.44m as turnover rose to £8.41m from £8.31m on-year.
Print margins continue to erode, as input costs rose and trade prices continue their decline, but services, subscription and licence income increased, which offset a greater fall in other parts of the business, the company said.
Overheads decreased to £4.32m from £4.76m, with the company saying its efforts to reduce cost and improve profits would be more second-half weighted.
'Given the political and economic situation, we still remain cautious on quantifying the outlook,' it added. 'But our goal for the second half is earnings (EBITDA) breakeven on a monthly run-rate basis and our mid-term goal remains to reach an EBITDA margin of 10% to 15%.'
At 10:08am: (LON:GRA) Grafenia share price was +0.75p at 10.25p