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R&D consultancy Science Group swung to a full-year loss, driven by costs associated with its acquisition of Frontier Smart Technologies and a rise in operating expenses.
The company said the coronavirus had only had a 'minor' effect on its business to date, owing to the closure of manufacturing operations in China that had now been partially reopened.
Pre-tax losses for the year through December amounted to £1.6m, compared to a profit of £4.9m on-year.
Revenue rose 18% to £57.2m, though operating costs rose 23% to £50.4m.
Still, Science Group said its organic business had performed in line with upgraded expectations.
Science Group booked acquisition and integration costs associated with the Frontier acquisition of £3.6m.
A restructuring and integration programme for Frontier had effectively been completed, with costs recognised in 2019.
The company held its annual dividend steady at 4.6p per share.
'In 2019, the group delivered a consistent operating performance from its organic business activities and completed a major acquisition followed by an accelerated restructuring and integration programme,' chairman Martyn Ratcliffe said.
'As a result, the progress of Science Group has continued despite the background of macroeconomic and political uncertainty during 2019.'
Ratcliffe said that, at present, any material impact from the coronavirus on the company was likely to derive from an indirect consequences on the global economy, including on R&D investment and business travel.
'The board are closely monitoring the situation,' he said.
At 8:58am: (LON:SAG) Science Group share price was -19p at 215p