Trading has been in line with last year after delays with clients were rescheduled later than expected.
The wireless telecoms specialist recently strengthened the sales and marketing team and added a channel partner, Global Telecom Partners, in North America to address customer engagement issues.
The firm recently received small engineering development contract wins that could lead to larger revenues in the next year and beyond.
Cash at the bank is currently £1.9mln while the group has in place undrawn invoice discounting facilities with Barclays of £3mln and Wells Fargo of US$4mln in addition to an undrawn overdraft facility with Barclays of £500,000.
“Given the exceptional background of COVID-19 lockdown and the client order rescheduling delays, this news is welcome,” analysts at finnCap noted.
“Two key elements are: firstly swift and effective management action has kept operations going throughout the pandemic with minimal disruption; all staff are back in COVID-safe offices with the development projects on track and positive customer feedback.”
“Secondly, the recently expanded manufacturing and testing capacity in Sedgefield is enabling greater efficiency and flexibility to cope with any rapid changes in demand.”
Shares slipped 15% to 8.11p on Thursday morning.