11th Apr 2016 09:18
LONDON (Alliance News) - Access Intelligence PLC Monday reported a widened pretax loss in its most recently ended financial year, as it made a number of acquisitions which drove revenue higher and refocused the business.
Access Intelligence undertook steps to restructure its business around its reputation and risk management software operations, selling its infrastructure support and cloud-based IT services business Willow Starcom in April. During the period the company acquired the UK operations of Cision UK Ltd and Vocus UK Ltd, which it said "significantly" strengthened its position in reputation management.
For the year to end-November the company reported a pretax loss from continuing operations of GBP4.6 million, widened from a pretax loss of GBP1.5 million the year before, as a result of a step-up in administrative costs related to acquisitions, which offset a rise in revenue to GBP8.1 million from GBP4.3 million the year before.
Access Intelligence said acquisitions contributed GBP3.4 million in revenue.
The company also worked to reduce costs during the year, although the "full impact" of these measures is not "fully reflected" in its full year performance, Access Intelligence said.
Following the year end the company took further measures to restructure its business, selling its due North Ltd business for GBP4.5 million in cash in February.
Access Intelligence Non-Executive Chairman Michael Jackson said it had been a "pivotal year", as it refocused firmly in the reputation management market through its strategic merger and acquisition activities.
Shares in Access Intelligence were up 2.6% at 5.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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