1st Apr 2014 09:17
LONDON (Alliance News) - Access Intelligence PLC said Tuesday it won't pay a dividend for the year ended November 30, 2013, as it posted a widened loss due to goodwill impairments.
Access provides software and services for compliance and legislative-driven businesses in the private and public sector.
Access said it has continued to invest in its products and sales development. As a result, it said it has chosen to pay no dividend for 2013. In the previous year the company paid a dividend of 0.05 pence.
The company posted a pretax loss of GBP2.6 million in the recent financial year, widened from GBP497,000 in the previous year, despite seeing revenue rise slightly to GBP8.4 million from GBP8.1 million, as it posted a GBP2.6 million impairment on goodwill relating to its Due North and AI Talent businesses.
During the year GBP4.2 million was spent on research and development, up from GBP1.9 million, and Access said it will continue to invest throughout 2014, which it expects to lead to benefits in the latter parts of the year.
Investments during 2013 led to new contracts during the year and a 21% increase in revenues not yet invoiced, it said.
Recurring revenue rose 9%, and now makes up 72% of sales, compared to 69%.
Access said that its core strategy going forward, and the driver for its software as a service based products, will be the continued importance of using software for necessary governance, risk and compliance data to reduce costs, improve performance and mitigate risks.
Shares in Access were trading down 5.7% at 2.83 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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