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Cloud services company Essensys swung to a loss as higher cost following ramp-up in investment spend weighed on performance.
For the year ended 31 July 2021, pre-tax profit losses were £2.9 million compared with a profit of £0.3 million year-on-year as revenue fell 2% to £22 million.
The loss was 'primarily as a result of the investment in the Group to deliver the growth plans,' the company said.
'Our strong platform for growth, combined with our pipeline of activity with current and new customers, gives us confidence of further progress in the year ahead, notwithstanding the uncertainty relating to Covid-19,' the company said.