Starcom PLC – STAR – Interim Results

Starcom (AIM: STAR), which specialises in the development of wireless, Internet-Of-Things (IoT) based solutions for the remote tracking, monitoring and protection of a variety of assets, announces its results for the six months ended 30 June 2021.

Highlights

•     Revenues decreased by 3% to $2.27m (H1 2020: $2.34m)

•     Recurring SaaS revenues increased by 3% to $1.1m (H1 2020: $1.0m)

•     Adjusted EBITDA* loss of $167,000 (H1 2020: loss of $167,000)

•     Gross margin for the period was 40% (H1 2020:33%)

•     General expenses reduced by 5% to $1.4m (H1 2020: $1.5m)

•     Statutory loss for the period of $531,000 (H1 2020: $716,000)

•     Strong pipeline of potential new orders over next few months

Avi Hartmann, CEO of Starcom, commented:

"I am delighted that despite the continuous challenges Starcom faced due to the COVID-19 pandemic we managed to show stable results with increased opportunities in the future. We now have several sales prospects we hope to convert when conditions permit, and I am confident that Starcom technology will continue to create value in this and following years."