Commsworld plunges to another hefty annual loss
Digital connectivity firm Commsworld has reported another hefty pre-tax loss and has refinanced the business.
The Edinburgh-based company, which reports its accounts via parent company Highlands Bidco, posted adjusted EBITDA of £4.8 million for the year to the end of December 2022, up from £3.8m in 2021.
But after incurring £5m of interest charges and other expenses the company made a pre-tax loss of £6.27m, a slight cut in its 2021 loss of £6.9m. Administrative costs rose to £10.3m from £9.6m.
Turnover was broadly flat, coming at £24.96m from £24.16m in the previous year.
Commsworld is the main trading entity of Highlands Bidco which now includes Edinburgh Computer Services, acquired post-results in March this year.
In September the company refinanced its loan facilities, repaying Royal Bank of Scotland in full and negotiating a new loan of £31.5m with RBS and Clydesdale Bank (Virgin Money) which have been partly drawn down.
In a statement with the accounts, it said it had continued to establish itself as a viable alternative to the larger service providers and achieved growth in its core enterprise business as well as with an expanded public sector customer base in 2022.