15th Jul 2015 09:07
LONDON (Alliance News) - Consultancy and technology products company Imaginatik PLC on Wednesday said its pretax loss narrowed in the financial year to the end of March on the back of higher revenue.
The company said its pretax loss for the year was GBP1.6 million, compared to a GBP1.7 million loss a year earlier, as its recognised revenue increased to GBP3.3 million from GBP2.9 million. The group said its deferred revenue, which it did not book in the 2015 financial year, was down to GBP2.9 million from GBP3 million.
Imaginatik said its annualised renewal revenue increased by 29% in the year to GBP3.1 million, while gross bookings for the company fell to GBP3.2 million, down 14%. Its sales pipeline increased by 13% on a like-for-like basis to GBP8.2 million at the end of March.
The company secured 21 contracts over the course of the year, increasing its client base to 42, with 26 of these now on multi-year contracts.
"The plan to reposition Imaginatik as a global full-service innovation provider is seeing satisfactory progress, as highlighted by the number of new clients and the growth of our sales pipeline," said Ralph Welborn, who joined as chief executive in December.
"The operational and financial performance of the company in the period has been encouraging, but we recognise that we can do better. We are committed to delivering an improved performance and value for our shareholders in the future," added Matthew Hancock, Imaginatik's non-executive chairman.
Shares in Imaginatik have been trading higher of late, having doubled in the value over the past thirty days following news that Rob Terry, the former head of AIM-listed insurance outsourcing technology company Quindell PLC, has been building up a stake in the company both personally and via his Quob Park Estate Ltd investment vehicle.
Shares in Imaginatik were trading lower on Wednesday, down 5.2% to 7.3499 pence in mid-morning trade.
By Sam Unsted; [email protected]; @SamUAtAlliance
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