14th Apr 2014 08:21
LONDON (Alliance News) - Imaginatik PLC said Monday that it expects to post a widened loss for the year to end-March, after it increased investment in sales and consultancy personnel and recognised revenue was broadly flat on the previous year.
The software and consulting services company expects to post a loss of GBP1.5 million, widened from GBP1.2 million a year earlier. Recognised revenue is expected to be about GBP2.9 million, broadly flat on GBP3.0 million, while deferred revenue is expected to have risen to about GBP2.9 million, from GBP2.4 million.
The newly strengthened sales team made a minimal contribution to revenues for the year, Imaginatik said, although it expects them to be beneficial in the current year and beyond.
The company won two new customers in the final month of the year, taking its total number of new customers in the second half to eight, compared to seven in the previous year.
Total order bookings are expected to be GBP3.4 million, up from GBP2.8 million.
Executive Chairman Matt Cooper provided a loan of GBP70,000, and has agreed to lend up to a further GBP100,000 to cover the company's working capital requirements on an interest free basis. The company is currently in discussions with institutional and other investors over future funding, it said.
It had cash balances of GBP0.05 million at the end of March, down from GBP0.136 million at the end of fiscal 2013.
Shares in Imaginatik were trading down 13% at 0.0700 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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