31st Jul 2014 11:43
LONDON (Alliance News) - Vipera PLC Thursday posted a widened pretax loss in the half-year to the end of June, as higher operating costs offset more than tripled revenue.
Vipera provides mobile financial services.
The company posted a pretax loss of EUR320,977, widened from EUR37,010 in the previous year, as revenue rose to EUR2.9 million from EUR881,577, although offset by an increase in operating expenses to EUR3.2 million from EUR893,361.
Vipera continued to develop its product offerings in the first-half, and added 80 employees with its acquisition of Codd & Date Srl in December 2013. The company said it has integrated the new employees, and said that they are performing in line with expectations.
Following this acquisition a "significant part" of revenue now comes from consulting, it said, which gives it a more stable source of income.
Vipera said that revenue had grown as it reached out to larger financial institutions than it had before.
In February the company raised a further EUR1.3 million, which took its total additional capital available to around EUR2 million. It plans to continue investing in sales and strategic development resources, it said.
Vipera's performance for the full-year will depend on the timing of transactions and customer decisions, but said that the response from banks to its Motif platform has been generally positive.
Shares in Vipera were trading up 12% at 5.03 pence Thursday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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