Defenx forecasts "significant loss"; may need to raise funds
Source - SMW
Defenx confirmed that full-year revenue would be materially below the previous year, forecast a "significant loss" and warned that it may have to raise additional funds by June.
The collection of trade debtors remained difficult, with limited collections since mid-November 2017, the company said.
Management continued to pursue all options to collect amounts due to the group, including legal proceedings.
At January 22, the company had €0.81m of cash and undrawn facilities of arond €0.75m.
"In the event that cash collection remains weak, the group is unable to drawdown its facilities and new orders do not come through as expected, the group may be required to seek additional funding in late-Q2 2018," Defenx said.
At 2:03pm: (LON:DFX) Defenx Plc share price was -16p at 22.5p