- Defence technology company Electro Optic Systems (EOS) has released its full year results for the 2020 financial year
- The company recorded a net loss after tax of $25.6 million, due to COVID-19 deferring revenue and profits into 2021
- While Electro Optic’s revenue did increase, the growth was lower than expected due to the impact of COVID-19
- The company had $65.9 million in cash and cash equivalents on hand, as of December 31, 2020
- Electro Optic Systems is down 9.05 per cent and trading at $4.42 per share
Defence technology company Electro Optic Systems (EOS) has released its full year results for the 2020 financial year.
The company’s review of 2020, like countless others’, was characterised by reflections on the ongoing COVID-19 pandemic and its widespread impact on business.
In particular, the virus and related travel bans caused serious disruptions to the company’s supply chain, delaying decision-making, deliveries and projects. Lower volumes and split shifts for employee safety also reduced efficiencies and caused production to run at sub-optimal levels.
Electro Optic Systems recorded a net loss after tax of $25.6 million for the period, which it blamed on COVID-19 deferring revenue and profit into 2021.
However, not all was lost for the company in 2020.
In spite of the considerable interference brought about by the pandemic, Electro Optic Systems’ revenue from ordinary activities still increased during the year to over $180 million. In comparison, the company recorded a little over $165 million in revenue at the end of the previous year.
While Electro Optic Systems’ overall revenue did increase year on year, the growth in revenue was well below the company’s earlier expectations. Once again, the company attributed this to the constraints of COVID-19 and its impacts.
Electro Optic Systems had $65.9 million in cash and cash equivalents in the bank, as of December 31, 2020. This was a slight decrease from the $77.8 million in cash and cash equivalents at the end of 2019.
Electro Optic Systems is down 9.05 per cent, trading at $4.42 per share at 1:00 pm AEDT.