LONDON (Alliance News) - Attraqt Group PLC on Thursday reported a sharp rise in annual revenue and a significantly narrowed loss.
In 2018, the online merchandiser's pretax loss narrowed to GBP2.7 million from GBP4.1 million the year before. The company's revenue increased 26% to GBP17.1 million from GBP13.6 million.
The company said it was an "important" year where it made "much progress". Attraqt attributed its revenue increase in the "high levels" of recurring revenue and a 96% net revenue retention in the period. Annual recurring revenue from new bookings was GBP2.6 million in 2018.
A first full period from the firm's Fredhopper acquisition also contributed to the rise in revenue.
Attraqt's like-for-like revenue increased 9.6% to GBP17.1 million from GBP15.6 million. The company said it was "pleased" its average contract value per logo increased during the period, seeing a rise of 14% to GBP97,000 from GBP85,000 in 2017.
The company's administrative expenses increased 5.2% to GBP14.2 million from GBP13.5 million.
Chief Executive Officer Luke McKeever said: "Going into 2019 the business must tackle a number of challenges, including, the demise of certain brands over the period having impacted the group's bookings for the year ahead, and the pervasive threat of e-commerce software re-platforming. However, we are confident that by executing on our strategy these challenges can be mitigated, and that the benefits of establishing a clear path forward will be felt in the mid to long term."
Shares in Attraqt were up 4.9% Thursday at 32.00 pence each.
