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Geospatial productivity and collaboration software company IQGeo narrowed annual losses as an expanded footprint in North America, and new business wins in Europe and Japan bolstered revenue.
For the 12 months ended 31 December 2020, pre-tax losses narrowed to £4.4 million from £6.1 million year-on-year as revenue increased to £9.2 million from £7.8 million.
Bookings of orders related to IQGeo own products increased by 42% to £10.7 million during 2020 following 'expansion of our presence in North America as well as adding new contracts in Europe and Japan,' the company said.
'We have a strong balance sheet as we enter 2021 and I believe we have now established real momentum in the business and are well positioned in our goal of creating an attractive high growth software business with a high degree of recurring revenue,' said chief executive Richard Petti.
At 9:56am: (LON:IQG) share price was 0p at 73p