Loqus Holdings plc - Interim Results

Wednesday, February 26th, 2014

On 26 February, Loqus Holdings plc published its interim financial statements covering the six months ended 31 December 2013.

During the period under review, the Group registered a 2.8% increase in revenue to €1.69 million which was offset by a 3% increase in costs to €1.58 million leading to an unchanged earnings before interest, tax, depreciation and amortisation (EBITDA) of €0.117 million. Depreciation and amortisation dropped by 44% to €0.14 million reflecting the decreased investment in Research & Development projects in the last three years. Similarly, net finance costs dipped by 26.3% to €0.12 million following a decline in borrowings. Overall, the Group’s net loss contracted to €0.14 million compared to a loss of €0.28 in the previous comparable period.

Looking ahead, the Directors noted that whilst maintaining its priority of achieving profitability and a positive cash flow, it has started to increase its investment in Research & Development during the period under review. Moreover, the Group has just been awarded the new Vessel Monitoring System (VMS) tender which will continue to secure recurrent revenues for the next five years.

In the meantime, the Loqus Group is still planning to sell its now profitable Fleet Management IPR and business. Additionally, it is positioning other positive performing components to find suitable partners, through share transfers, to provide cash injections and enhance growth in these areas.

Download: Loqus Holdings plc – Half-Year Report for the six months ended 31 December 2013.

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