4th Dec 2019 10:08
(Alliance News) - i-nexus Global PLC on Wednesday reported "slower than expected progression" in its most recently ended financial year as earnings were hurt by a surge in costs.
The AIM-listed strategy execution software provider said the pretax loss widened to GBP4.3 million in the year to the end of September compared to GBP1.0 million a year ago, due to a 89% increase in administrative expenses to GBP7.8 million from GBP4.1 million.
Meanwhile, revenue grew slightly to GBP4.8 million from GBP4.7 million year-on-year.
"While we did not achieve the level of overall revenue growth we had expected in reported period, the new financial year has started satisfactorily," said Chief Executive Simon Crowther.
The company said it has signed eight new customers compared to ten last year, all under recurring contracts of at least one year in length.
More positively, i-nexus said upsells and cross sells in its existing accounts were "substantially" higher, having added GBP35,000 monthly recurring revenue versus GBP10,000 the year prior.
He added: "With a clear growth strategy, strong leadership, careful cash management, good governance and a significantly modernised product suite, i-nexus is well positioned to build on our progress to date."
i-nexus shares were untraded in London on Wednesday morning, last closing at 21.00 pence each.
By Evelina Grecenko; [email protected]
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