Fashion-forward business Koovs said Thursday first-half losses narrowed as costs cuts help offset weaker revenues.
For the six months ended 30 September, the loss before tax narrowed to £6.4m from £7.8m and revenue fell to £2.1m from £3.9m a year earlier.
Operating expenses were reduced by 28% to £5.0m.
Gross order value, representing sales generated on the KOOVS.COM website during the six months to 30 September 2018, fell 32% to £4.8m.
The fall in sales was blamed on a reduction in marketing spend and stock purchases, as the company sought to preserve cash until funding was received.
The company has raised £22m, nearly half of planned £50m raise so far.
'The funding secured in H1 allows us to get back to business and in H2 to date we have restarted marketing activities and expanded the product range, increasing the current trading margin. Longer-term, the successful fundraising represents a transformational opportunity for Koovs to drive sustainable growth, enhance margins and build a path to profitability, with partners that will help us to consistently build our brand, enhance our supply chain, and grow our product range,' said Mary Turner, Chief Executive Officer, Koovs. At 9:16am: (LON:KOOV) Koovs Plc Ord 1p share price was -0.3p at 8.55p