London-listed Iconic Labs (AIM:ICON ), reported on Wednesday that it had slashed losses for the first half of its current year following growing demand for its online publishing content.
The AIM-listed media firm recorded a loss of £0.85m for the six months ended 31 December 2019, down from a £6.3m loss for the 18 month period ended 30 June 2019.
Iconic also said that with its current financial position and a £5m facility in place with the European High Growth Opportunities Securitisation Fund, it remains a going concern.
In its half-year report, Iconic noted that ‘significant progress’ had been made from which it can now implement ‘the strategy of building a new media and technology business.’
The group unveiled a new plan focused on ‘organic growth based upon deploying the team's skills’ and ‘commercial experience and acquiring publishing platforms’ which it can leverage.
Iconic said that it was ‘too soon’ to forecast the effects of the coronavirus pandemic on its business but added that there had been ‘a widespread cessation’ in advertising campaigns and production which will clearly have an impact on branded content and campaign revenue.
Shares in Iconic Labs were trading flat at 0.0165p during Wednesday morning.
‘While this is an unprecedented time for everyone, the group believes that many content and technological trends may accelerate as a result,’ Iconic said in this morning’s statement, adding that it aims to be ‘best positioned’ in order to benefit from the long term trends.
Iconic has forged a role in the fight against coronavirus after the group launched ‘Infotagion: Covid-19,’ on Monday, a non-profit, online fact checking service to counter misinformation about the pandemic.
The service, which is backed by a cross-party group of current and former parliamentarians, aims to combat fake news which can cause misinformation, and panic and potentially cause governments and health services to divert resources away from where they are needed most.’
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