The company, which makes ship location technology, reported a pretax loss of
It had warned back in January that two significant projects had been delayed. It said the projects have now reached implementation phase.
It was more positive about its outlook, saying that it has increased its customer base around the world, and is expecting the market for its ship location technology to continue growing. Its recent acquisitions have also opened up new streams of recurring revenues through the licensing of services and data sales, it added.
"The delays to expected project and mandated orders this year resulted in us carrying larger than expected quantities of stock for longer than expected. As the delayed and other new projects convert into orders we expect our stock position to normalise," it said in a statement.
The delays meant it had to draw down on its
Its shares were down 9.1% at
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