11th Feb 2015 08:43
LONDON (Alliance News) - Consulting services firm Imaginatik PLC Wednesday said it has traded in line with its expectations, with GBP1.2 million of new and up-sell business contracted so far in its second half.
It has added four new customers so far in its second half, taking its client base to 41, compared to 31 last March. This raises the yearly value of the company's renewals business to GBP2.96 million from GBP2.48 million last March, it said.
It expects to complete several new contracts in the next few weeks it said.
Imaginatik also cited good progress in its consulting division, where it has expanded contracts with several of its existing customers.
It said that, as it continues to build its pipeline there is is a requirement for additional capital, but stressed it will continue to "carefully manage" its cash reserves and will consider various funding options to ensure it has enough investment.
"The board is pleased with the progress the company is making. The size and quality of the client base is increasing, as is the recurring revenue base, which is bringing greater visibility and demonstrating that our business model is working," said Non-Executive Chairman Matt Cooper in a statement.
Shares in Imaginatik are trading down 5.6% at 3.30 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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