9th Mar 2015 08:14
LONDON (Alliance News) - Escher Group Holdings PLC Monday said it swung to a pretax loss in 2014, as revenue was hit in some contracts including the roll out of its software with a North American customer, although it expressed confidence in its prospects for 2015.
The postal industry software provider posted a pretax loss of USD470,000, compared with a pretax profit of USD1.5 million in 2013, as revenue declined to USD21.1 million from USD24.7 million.
Escher Group did not propose a dividend.
During the year it signed new customers including Emirates Post Group Holding, The Royal Gibraltar Post Office and Insomnia Coffee Company.
The company said its current year has started in line with its expectations. In March it recognised USD2.4 million in license revenue that was outstanding from a customer, which it had originally expected to recognise in 2014.
It noted that whilst sales cycles can be long and it had seen some delays in contract signings in 2014, it has a good pipeline of new business opportunities.
"Throughout 2014, we have continued to focus on enhancing relationships with our customers, seeking new customer opportunities and investing in enhancing our product portfolio. Our overall strategic position remains robust as international postal and logistic operators seek to improve interaction with their customers using enhanced digital technologies and mobile capabilities," said Chief Executive Liam Church in a statement.
Shares in Escher are untraded Monday morning. It last closed at 220.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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