27th Sep 2018 11:45
LONDON (Alliance News) - appScatter Group PLC on Thursday said its loss sharply widened in the first half of 2018, but was confident in its prospects going forward due to its acquisition of Priori Data.
The app management tool developer said its loss widened to GBP3.4 million in the six months to the end of June from GBP2.3 million loss reported a year earlier, due to a substantial increase in administrative expenses to GBP3.8 million from GBP2.5 million.
Meanwhile, revenue also grew to GBP904,169 from GBP874,670 posted the year prior.
During the period, the company bought Berlin-based data company Priori Data GmbH for GBP13.5 million, the majority of which was satisfied through the issue of new ordinary shares.
appScatter said the combination of its platform with the data & customer contacts of Priori Data has already led to the enlarged company winning significant new contracts, where individual annual contract values can exceed GBP1 million.
Looking ahead, the company said it intends to improve its operational efficiencies by consolidating the Priori Data technology with appScatter's existing platform into a single appScatter product.
"In the first half of 2018 we were focused on acquiring Priori Data and this subsequently completed shortly after the period end," said Chief Executive Philip Marcella.
"We remain confident of the opportunities ahead of us and look forward to completing the integration of Priori Data and the continued growth of appScatter and its client base in the second half of 2018," added Marcella.
The stock was flat on Thursday at 30.00 pence per share.
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