31st Oct 2018 13:52
LONDON (Alliance News) - Maestrano Group PLC said Wednesday that its annual loss narrowed slightly due to reduced expenses.
For the year to June 30, the cloud business integration platform posted a pretax loss of GBP1.9 million versus GBP2.0 million a year prior.
Lower employee benefits expenses of GBP1.6 million from GBP2.1 million and reduced finance costs to GBP450,682 from GBP523,843, were behind the reduction in loss.
Meanwhile, the company's revenue for the year dropped 16% to GBP977,455 from GBP1.2 million, as the it decided to focus on a small number of key new projects.
The company listed on the London Stock Exchange in May 2018.
Chairman Ian Buddery said: "In the 2018 fiscal year we undertook admission to the AIM market, which successfully raised funds to underpin operations during this vital period and attract an impressive list of new shareholders.
"Since admission, we have been substantially engaged in the completion of customer engagement platforms for our major banking clients in the USA and Australia, while work continued on the reseller platform being developed for our major USA technology distribution client."
Maestrano shares were untraded at 8.65 pence each.
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