9th Mar 2020 11:46
(Alliance News) - IQGeo Group PLC on Monday said its loss widened in 2019 amid lower demand for third-party geospatial services.
The collaboration software provider said its loss widened in 2019 to GBP6.2 million from GBP1.6 million a year earlier as revenue declined 22% to GBP7.8 million.
Bookings of orders related to IQGeo's own products more than doubled to GBP7.5 million during 2019, the company noted, following the expansion of its presence in North America as well as adding new contracts in Europe and Japan.
However, the gross margin for 2019 was slightly lower, reflecting a subscription sales model with greater revenue deferral to future years.
Bookings of orders related to third-party geospatial services were GBP1.6 million, down from GBP4.8 million a year earlier, reflecting the managed decline in this legacy revenue stream, IQGeo explained.
"IQGeo is achieving substantial growth in its core business and has excellent momentum entering the new decade. The company continued the good progress made in the first half with a strong second half performance against all its key key performance indicators," said Chief Executive Richard Petti.
He added: "We remain positive about the market opportunity and are focused on controlled levels of investment, both of which will drive continued momentum. We are highly confident in the business' ability to deliver strong growth in the coming year and beyond."
AIM-listed IQGeo shares were untraded in London on Monday, and were last quoted at 61.00 pence each.
By Evelina Grecenko; [email protected]
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