Starcom (AIM: STAR), which specialises in the development of wireless, Internet-Of-Things (IoT) based solutions for the remote tracking, monitoring and protection of a variety of assets, announces its audited results for the year ended 31 December 2019.
HIGHLIGHTS
· Revenues increased 14% to $6.8m (2018: $6.0m)
· Adjusted EBITDA of $300,000 (2018: loss of $8,000)
· Gross margin rose to 41% (2018: 40%)
· Successful launch of Lokies – intelligent padlock
· New OEM deals with Zero Motorcycles and CubeMonk
· Further growth anticipated in 2020
Avi Hartmann, CEO of Starcom, commented, “I am pleased to report another year of progress for the Company, moving into EDITBA positive for the first time, which we believe is a turning point and a clear indication of the Company’s future performance.
“Based on our existing range of products, mature technology, global client base, recurring SaaS revenues and substantial sales pipeline, the Company anticipates continued growth in 2020. We further anticipate higher margins in the future as our product mix migrates more towards the IoT sector. One of the key focuses of 2020 is to expand our sales and marketing team to take advantage of the opportunities before us, whilst ensuring we maintain our competitive edge through continued R&D.”
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