Iconic Labs PLC (LON:ICON) has reported reduced losses for the first half of its current year, as predicted, fueled by an increase in demand for its online content.
For the six months ended 31 December, 2019, the company reported a loss of £848,233, down from a £1.18mln loss a year ago, while also recording revenues of £2,500.
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Iconic said that “significant progress” had been made in putting together core elements from which it can “implement the strategy of building a new media and technology business”, and that going forward it will be focusing on “organic growth based upon deploying the team's skills and commercial experience in the sector alongside acquiring publishing platforms which we can leverage to sell those skills”.
The firm also said that it was “too soon to tell the exact effects” of the coronavirus pandemic on its business, adding that there had been “a widespread cessation in current and new advertising campaigns and production during the current period of uncertainty which will clearly have an impact on branded content and campaign revenue”.
However, Iconic said that with more people staying at home during the outbreak, it is “confident” of seeing a “long term increase in demand for its online publishing content and platforms”.
“While this is an unprecedented time for everyone, the group believes that many content and technological trends may accelerate as a result, and the group aims to be best positioned to benefit from the long term trends through the skillset and experience of the senior management team and the foundations they have put in place”, the company added.
Iconic also said that with its current financial position and a £5mln facility in place with the European High Growth Opportunities Securitisation Fund, it remains a going concern.
The shares were steady at 0.02p in mid-morning trading on Wednesday.
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