12th Mar 2019 09:48
LONDON (Alliance News) - Gresham Technologies PLC on Tuesday expressed a confident outlook for the year ahead despite swinging to a loss in 2018 due to contract delays.
The enterprise software company swung to a pretax loss of GBP2.2 million in 2018 from GBP2.3 million profit in 2017. Revenue declined to GBP19.3 million from GBP20.8 million.
Gresham said it has experienced a reduction in the Clareti growth rate as a result of delays to a small number of high value contracts. Clareti software revenue was down 3% in 2018 to GBP7.9 million.
The Clareti platform delivers data integrity for capital markets firms to help them with regulatory compliance.
The company declared a 0.5 pence per share dividend for 2018, unchanged from the year prior.
Looking ahead, Gresham expects cash flow to reduce in 2019 as a result of the sale of its VME software business to Fujitsu in January and an increased customer migration to newer or alternative peer platforms.
"Whilst contract timing issues impacted our full year reported results, the business made significant progress during the year," said Chief Executive Ian Manocha.
"We remain confident in the opportunity for our market leading Clareti technology and in the profitable growth prospects of the group," added Manocha.
Gresham shares were trading 4.9% lower on Tuesday at 85.10 pence each.
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