LONDON (Alliance News) - eCommerce software and services provider ATTRAQT Group PLC posted a widened pretax loss for 2014, as a rise in revenue was offset by higher costs, in its first full year results since it listed on AIM last August.
The company posted a pretax loss of GBP1.5 million, widened from a pretax loss of GBP558,000 a year before, as revenue rose to GBP2.1 million from GBP1.6 million a year before, offset by higher administrative costs and an exceptional GBP484,000 cost for its listing.
Revenue growth was driven by new client wins during the year, and an increase in the average value on new client.
The company is continuing to focus on its plans to expand into the US, and added 6 new clients there during 2014. The company said it has seen a "very strong performance" during the heavy Black Friday and Christmas trading period, with its platform having served 2.8 million users on Black Friday, more than double a normal day's traffic.
The company raised GBP1.3 million in its initial public offering, and said that it has used the funds for the expansion of its US sales team, increasing its production capacity, and increasing the functionality of its core platform. It launched in the fourth quarter ATTRAQTMail, a new product that allows retailers to merchandise through their current email marketing systems.
"With a strong pipeline of new business opportunities for 2015, and an increasingly sophisticated merchandising platform, we are confident in the ongoing success of ATTRAQT and in the outlook for 2015 and beyond," said Chief Executive Officer Andre Brown in a statement.
Shares in ATTRAQT are trading up 4.2% at 58.90 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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