4th Jul 2016 07:18
LONDON (Alliance News) - OneView Group PLC Monday said its pretax loss was wider in the last financial year as coasts continued to outstrip revenue, and said it has signed its first cloud-based hosting service agreement with one of its largest customers in the UK.
OneView shares were trading up 14% to 6.0 pence per share on Monday morning.
The omni-channel mobile point of sale provider listed on AIM during the period after completing its reveersee takeover of Armour Group PLC. The company said its loss before tax in the 12 months to the end of March amounted to USD3.2 million, widening from the loss of USD2.5 million booked in the previous year despite revenue reporting a material lift in the year.
Revenue rose to USD8.1 million from USD5.9 million, but total expenses still outstripped that by rising to USD9.3 million in the last financial year from USD8.4 million the year before.
OneView said the revenue rise was driven by the digital store platform product, which saw revenue rise to USD7.8 million from only USD3.3 million in the previous year. Costs rose due to increased spending on research and development, which was USD1.1 million higher year-on-year.
The loss before exceptional items and share-based payments narrowed to USD1.2 million from the USD2.5 million loss in the previous year. OneView booked USD1.5 million of share-based payments in the year alongside USD296,000 worth of exceptional charges, with neither being booked in the previous year.
That took the total loss after those items to USD3.0 million compared to the USD2.5 million loss in the previous year, with finance expenses widening the pretax loss after increasing to USD181,000 from only USD2,000 last year.
"We are positioned in a high growth space within the retail sector with a first to market solution and serving global markets. Market adoption of our technology solutions has been rapid as evidenced by our customer wins," said the company.
"We have every reason to be confident that the growth we have seen over the past two years will continue although the precise timing of new revenue flows is not easy to forecast given the mission critical nature of our solutions and related long sales cycles. We see this year as one of further growth and look to the future with confidence," the company added.
In a separate announcement, the company said it has signed its first cloud-based hosting service agreement with one of its largest customers in the UK.
Under the deal, OneView will provide cloud-based delivery of its OneView Digital Store Platform including supporting application management and IT infrastructure, and will offer hosted and managed services including software upgrades, environment hosting and complete infrastructure support.
The company said the agreement will "contribute significantly to OneView's recurring revenue".
By Joshua Warner; [email protected]; @JoshAlliance
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