27th Sep 2018 12:36
LONDON (Alliance News) - Ubisense Group PLC on Thursday said its loss widened in the first half of 2018 as it is switching from third party to own products supply.
The software company said pretax loss widened to GBP2.8 million in the six months to the end of June compared to GBP1.9 million reported at the same period a year earlier as revenue fell to GBP10.3 million from GBP12.4 million.
Total bookings of new customer orders in the first-half increased by 47% to GBP13.7 million from GBP9.3 million generated a year before. The order book stood at GBP12.3 million as at June 30, up from GBP10.2 million reported on the same date a year earlier.
The company is organised into two business units: SmartSpace and Geospatial.
During the period, revenue from Geospatial services from third party products declined by 43% to GBP3.2 million, as the company progresses on its strategy of growing revenue from its own products.
Revenue generated from Ubisense own products totalled GBP7.1 million, up 6% year-on-year.
"The second half has started strongly and we expect revenue to increase for our own products," said Chief Executive Richard Petti. "These trends give the board confidence in the outturn for the full-year".
Ubisense shares were trading 1.5% higher on Thursday at 68.50 pence each.