6th Apr 2020 15:17
(Alliance News) - Access Intelligence PLC on Monday reported a widened loss for financial 2019 on increased expenses but assured that the first quarter of financial 2020 has been encouraging.
The stock was trading 3.0% higher at 51.00 pence each on Monday afternoon in London.
For the year to the end of November, the PR, communications and marketing software firm recorded revenue of GBP13.4 million, a 51% rise from GBP8.9 million reported the year prior with recurring revenue accounting for 97% of revenue realised.
However, pretax loss widened to GBP2.9 million from GBP1.7 million. Gross margin was 75% from 70% the year prior.
Recurring administrative expenses increased to GBP9.2 million from GBP6.2 million and the company recorded non-recurring administrative expenses of GBP1.8 million. In October, GBP3.3 million was raised through the placing of 6.3 million shares at 52p each.
Access Intelligence did not propose a dividend payout, unchanged from the year prior.
Looking ahead, the company said it has seen increased demand for Vuelio stakeholder monitoring, media management and Pulsar's online audience analysis amid the Covid-19 outbreak. It added that it has implemented measures to reduce financial risk and has responded fast and proactively to secure business and open new opportunities during the period of disruption.
"2019 was another year of strong growth for Access Intelligence. Our commitment to growth was evidenced by the acquisition of Pulsar and further product enhancements to the Vuelio and ResponseSource platforms, said Non-Executive Chair Christopher Satterthwaite.
Vuelio provides monitoring, insight, engagement and evaluation tools for social media, while ResponseSource is a media database provider. Access Intelligence bought social media analytics software business Pulsar from Cello Health in October.
"Pulsar is a particularly exciting addition because it strengthens our technology, data and research capabilities while opening US and global opportunities. It adds further breadth to the Access Intelligence portfolio and customer base providing resilience as we navigate the immediate uncertainty bought by Covid-19," he added.
As at the end of the year, Access Intelligence had cash of GBP2.0 million.
By Ife Taiwo; [email protected]
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