Business
Annual Financial Report
Annual Financial Report.
About this update from Orient Telecoms Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5983A\n Orient Telecoms PLC\n 30 September 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n ORIENT TELECOMS PLC\n \n \n \n \n \n (\"ORIENT\" or the \"Company\")\n \n \n \n \n \n FINAL RESULTS FOR THE YEAR ENDED 31 MARCH 2020\n \n \n \n \n \n ORIENT is an information technology company that offers managed services as its core business, which include managed services in machine to machine networking, solutions for internet of things (IOT), cyber security, big data solutions as well as full spectrum of other managed services, announces its results for the year ended 31 March 2020.\n \n \n \n \n \n Highlights for the period:\n \n \n · \n the Group has recorded a solid performance, with the revenue increase by nearly threefold to approximately £600,000 (2019: £219,000)\n \n \n · \n Cash position remains strong at £350,692 with no borrowing.\n \n \n · \n \n COVID-19 has adversely affected almost all industries and markets. However the impact on telecommunication business was not as severe.\n \n \n \n \n \n The annual report and accounts is available on the Company's website at: \n \n \n www.orient-telecoms.com\n \n \n \n \n \n \n \n For more information please contact:\n \n \n \n \n \n \n \n \n \n \n \n Orient Telecoms plc\n \n \n \n \n \n \n \n \n \n Sayed Mustafa Ali\n \n \n \n \n \n \n \n [email protected]\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Chairman's statements \n \n \n \n \n \n On behalf of the Board of Directors, I have great pleasure to present the Annual Report and Audited Financial Statements of Orient Telecoms Plc (the \"Company\") and its subsidiary undertaking (together the \"Group\") for the financial year ended 31 March 2020. \n \n \n \n \n \n OVERVIEW \n \n \n \n \n \n With the increasing demand for cloud based services, telecommunication companies are expected to be ready to offer cost effective cloud based services along with virtual platforms to operate and monitor them. The customers also require that this has to be supported with efficient and effective connectivity of high speed and low latency network. Orient Telecoms has specialize...