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Satellite communications equipment provider Global Invacom swung to an annual profit as higher margins offset a pandemic-led fall in revenue.
For the year ended 31 December 2020, the company reported a pre-tax profit of US$3.1 million, compared to a loss of US$12.5 million the prior year, while revenue decreased by US$31.5 million to US$103.1 million.
The decrease in revenue was offset by a more profitable product mix, manufacturing efficiencies and cost reduction programs, with gross profit margin increasing from 17.9% to 24.9%.
Looking ahead, the company said that it was 'well positioned' for 2021 amid the ongoing global economy recovery.
'Despite the many headwinds faced during 2020, our strategic direction remains unchanged, and, whilst early in the year, we are well positioned for a constructive 2021, as the global economy recovers and the demand for uninterrupted connectivity and data expands,' the company said.
At 8:05am: (LON:GINV) Global Invacom Group share price was 0p at 9p