1st May 2018 10:10
LONDON (Alliance News) - Imaginatik PLC on Tuesday said it may look for additional funding to tide the company over while it seeks to sell itself, as annual revenue is expected to fall despite a rise in bookings.
The management software and services company said it expects revenue to come in at GBP3.7 million for the year to the end of March, down from GBP3.9 million reported a year earlier, despite an increase in overall bookings to GBP3.6 million from GBP3.2 million.
Imaginatik signed 13 new customers during the year, compared with 15 signed in 2017 financial year. Out of 13 new deals, seven are annual or multi-year contracts consisting of both technology and consulting, two short-term pilot projects and three consulting engagements.
The company said that new customers include a major US airline and several large financial institutions in Asia, Australia and the US.
Looking ahead, Imaginatik said it may seek additional funding in order to help progress its ongoing formal sale process.
At the beginning of February, the company put itself up for sale, as it did not believe its London share price reflected either the value of its platform itself of the company's growth prospects. By the end of March, Imaginatik was in "detailed" discussions with "certain parties" over a sale, which hoped to conclude in May.
Shares in Imaginatik were trading 16% lower at 1.05 pence per share on Tuesday.