Starcom narrows loss in 2015

Wireless tracking solutions firm Starcom reported a smaller loss in the 2015 calendar year, with the board confident in its future in its final results on Friday.

The AIM-traded company saw revenue for the year of $5.1m (£3.54m), up from $5m a year earlier. Its gross margin was down to 40%, from 50%.

Starcom's loss for the period was significantly reduced to $1.8m from $2.8m, and the company said it reduced its overheads by 27%.

During the year, Starcom signed a collaboration deal with Sato for the North American market, and also signed a contract with Pinnacle for the Kenyan market.

"During 2015 management have worked hard to stabilise the business by cutting costs and, in parallel, focusing on finalising the development of additional tracking devices to complete the current product range and on expanding into new markets for its products," said Starcom CEO Avi Hartmann.

"There was a delay in the delivery of the new version of the Watchlock Pro which impacted revenues during the year. However this product is now ready to be launched during 2016" he added.

At 1520 GMT, shares in Starcom were down 15.38% to 1.37p.