(Alliance News) - Communication services firm CloudCall Group PLC on Monday posted a rise in interim revenue, and separately said it has conditionally raised GBP12.0 million.
Shares in Cloudcall were down 5.7% at 100.00p in London on Monday.
CloudCall said it has conditionally raised GBP12.0 million via a placing of 12.0 million shares at 100 pence each. The net proceeds of the placing will be used to fund "customer led growth capital opportunities" and strengthen the company's balance sheet.
The firm has also proposed an open offer to qualifying shareholders to raise up to GBP500,000.
Meanwhile, revenue for the first half to June 30, rose 30% to GBP5.2 million from GBP4.0 million a year ago, with the company's pretax loss narrowing to GBP1.8 million from GBP1.9 million.
Recurring revenue was up 34% year-on-year and the company said it had 36,936 users at June 30, up 37% on a year ago. New orders received in the first half were up 44% on a year before, and positive trading during the period has continued into the second half.
CloudCall said its performance since the period-end has been in line with management expectations.
The company expects to deliver full-year revenue growth of over 30% for 2019, with revenue in the region of GBP11.7 million.
"With an increasing recurring revenue run-rate this year, the company has a high degree of confidence that it is on-track to meet its future goals," said CloudCall.
By Lucy Heming; lucyheming@alliancenews.com
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