17th Sep 2019 11:59
(Alliance News) - Rosslyn Data Technologies PLC on Tuesday reported it narrowed its full-year losses and is in discussions blue-chip targets to secure high-value contracts.
In the year ended April 30, revenue grew by 8.3% to GBP7.0 million from GBP6.4 million and its pretax loss narrowed to GBP1.7 million from GBP3.7 million.
Administrative expenses fell by 13% to GBP6.0 million from GBP6.9 million as the company said it reduced its cost base during the year "through implementation of efficiencies in product development".
The company said it sold its RAPid data analytics platform to "large clients" in the healthcare, pharmaceuticals and civil defence industries.
Rosslyn said: "Despite stiff competition, during the year we secured numerous high value contracts in various sectors. This illustrates the broad appeal of our offering across the supply chain to chief procurement officers and chief financial officers in a wide range of sectors."
Rosslyn labelled the 12-month period as a "year of consolidation" which would allow it to accelerate growth in future years.
Looking ahead, Rosslyn said its contract discussions with blue-chip companies would take longer to negotiate and due to political and economic uncertainty, the timing of the deals would be hard to predict, the company added.
Chief Executive Roger Bullen said: "Our work in 2019 has laid a solid foundation from which to grow the business further. We are confident of continued growth as we engage in numerous large client opportunities that we hope to be able to announce later this year."
Shares in Rosslyn were 6.3% higher at 7.47 pence each in London on Tuesday morning.
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