BrandShield Systems PLC said Monday that its pretax loss for 2020 widened, in line with internal expectations, partly driven by costs linked to its reverse takeover.
The London-listed cybersecurity company–formed through the reverse takeover of BrandShield Ltd. by Two Shields Investments PLC completed in December–posted a pretax loss of $3.3 million for last year, compared with a loss of $1.5 million for 2019.
Revenue for the year jumped 47% to $2.6 million.
The company said funds raised at the time of the reverse takeover is allowing it to expand its marketing and sales efforts to driver recurring revenue.
Shares at 0748 GMT were up 1.3% at 19.50 pence.