27th Sep 2018 13:35
LONDON (Alliance News) - Online B2B marketplace Maistro PLC said on Thursday its interim loss narrowed slightly as revenue jumped significantly.
Revenue for the first half of 2018 soared to GBP596,000 compared to just GBP168,000 a year earlier - and outperforming the entire revenue performance for 2017 of GBP592,000 - while the company's pretax loss was GBP1.4 million, trimmed from GBP1.5 million a year prior.
The cost of sales rose to GBP521,268 from GBP161,989 a year before.
Within the revenue rise, project fee revenue jumped to GBP580,000 from just GBP120,000 a year earlier.
Revenue growth was due to the ongoing development of Maistro's relationships with global enterprise customers, the company said, and "successful engagement" with new customers.
"The board is encouraged by the company's performance over the six months ended 30 June 2018, and as a result, is accelerating investment in its software platform and expanding its business development team to enable the Enterprise Customer strategy to deliver an increased volume in the number of projects, whilst retaining margin," Maistro said.
Maistro added that it is confident with its outlook for the rest of the year and beyond.
Shares in the company were down 5.3% at 4.50 pence on Thursday,
Related Shares:
MAIS.L