30th May 2019 11:19
LONDON (Alliance News) - i-nexus Global PLC on Thursday said its loss widened sharply in the first half of its current financial year as it continues to invest in business development and expansion.
The strategy execution software provider's pretax loss widened in the six months to the end of March to GBP1.9 million from GBP381,450 reported a year prior, reflecting continued investment and expansion plans, resulting in administrative expenses rising to GBP3.6 million from GBP1.9 million.
Revenue, meanwhile, improved to GBP2.3 million in the first half from GBP2.2 million. i-nexus signed seven new customers in the period, compared to eight last year, all under recurring contracts of at least one year in length.
Looking ahead, the company said it has had an encouraging start to the second half and expects new deal cadence to continue to improve.
"Over the last nine months we have transformed the operational structure of i-nexus, bringing in senior executives to all key business areas," said Chief Executive Simon Crowther.
"This, coupled with our increased sales pipeline and our continued focus on financial control, means the board expects to secure a positive outcome for the current financial year and beyond," added Crowther.
i-nexus shares were trading 4.5% higher on Thursday at 34.50 pence each.
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