Bonhill interim losses widen
Events and data analytics firm Bonhill said on Tuesday that it losses had widened despite continuing to trade ahead of expectations in the first half of and a series of cost-saving measures that lifted margins.
However, Bonhill still posted an interim loss of £11.1m for the six months ended 30 June, a 362% widening year-on-year, as revenues crashed 28% to £7.8m in the period.
Gross margins grew to 78% from 63% as a result of various cost-saving initiatives.
The AIM-listed group stated profits had been hurt by £6.6m impairment resulting from the "significant effect" of the Covid-19 pandemic on trading.
Bonhill said: "The group continues to trade ahead of the expectations released on 9 April 2020. This is driven by strong monthly revenues and the positive impact of the various cost-saving initiatives undertaken."
Elsewhere, Bonhill nominated Sarah Thompson, formerly of Redcentric, as chief financial officer, with immediate effect.
As of 1330 BST, Bonhill shares were down 2.98% at 7.16p.