6th Jun 2016 07:28
LONDON (Alliance News) - 365 Agile Group PLC Monday said it remains confident in developing opportunities around its core software platform and the growing 'internet of things' space, as it reported a widened pretax loss for 2015.
365 Agile was formed via a reverse takeover of Agile Ltd by Iafyds PLC last August, and the group subsequently changed its name. It said that, whilst it was yet to complete a full years trading in this new form, it concluded its original business model was open to improvement and took actions to rectify this.
Some of its software development team transferred to its reseller, Castleton Technology PLC, and 365 Agile and Castleton entered into a revised licence agreement with a minimum licence fee of GBP1.8 million payable to 365 Agile over the coming three years.
The company reported a pretax loss of GBP2.2 million for 2015, widened from a pretax loss of GBP51,000. This was on revenue of GBP1.6 million, but included an exceptional charge of GBP1.8 million.
365 Agile said it has developed a number of opportunities using its technologies, and following the departure of this Chief Executive Officer in April, is assessing which options to review in the short term. Jill Collighan has been appointed interim chief executive whilst a suitable replacement is found.
"This has been a year of change for the 365 Agile Group. The board is excited by the multiple prospects afforded by the Internet of Things space and we continue to assess the options in front of us, supported by the financial security brought by our revised licencing agreement with Castleton Technology," said Non-Executive Clive Carver in a statement.
Shares in 365 Agile were untraded Monday morning. They last closed at 46.05 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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