Crossword Cybersecurity Share News (CCS)

Software solutions firm Clarity plunged into the red, despite a slight increase in revenues. Loss before taxation was £1.4m, a dramatic reduction from last year when the company earned the same amount in profit. Revenue was up just £0.8m to £19.9m. The company said: "Despite a disappointing year and continuing challenging trading conditions, the actions in hand within the company are designed to play to our strengths and while it is obviously difficult to be too sanguine about the immediate future, we have set the basis for a return to profitable growth and to getting back to our previous achievement of enhancing shareholder value."The group was keen to emphasise that although it made a loss, forecasts show a return to profitability. Chief executive officer Ken Smith blamed the disappointing results on order delays and said the company "remains well positioned in our key markets". The group increased its investment in research and development from £4.9m to £5.4m, as part of an accelerated programme to converge and streamline development. The group increased its investment in research and development from £4.9m to £5.4m, as part of an accelerated programme to converge and streamline development. In the report the company said that, "having increased spend in the financial year, as previously signalled to shareholders, the product improvements are such that the group is now able to rein this back." He added: "We are continuing to win new customers while existing customers place further orders with us. I am confident that by refocusing the business on the sectors which play to our strengths and the cost reduction plans already in place, we have established a basis on which to restore profitable growth." Net cash balance at the year end was £0.2m, a £0.9m reduction from the previous year (2010: £1.1m). The share price was down 11.67% to 13.25p at 13:00. NR