LONDON (Alliance News) - Software and services company IMImobile PLC Tuesday said its current financial year has started well with trading in line with expectations, as it swung to a pretax loss for its recently ended financial year, primarily as a result of costs related to its listing on AIM in June 2014.
For the year to end-March the company posted a pretax loss of GBP2.3 million, swung from a pretax profit of GBP5.3 million a year before, as a rise in revenue to GBP48.9 million from GBP43.4 million was offset by share based payment charges, initial public offering and acquisition costs.
The company attributed its revenue growth to a strong performance in Europe and managed solutions contracts across the Middle East and Africa region which helped offset a continuing decline in the Indian and South East Asia region.
Conditions remained challenging in India throughout the year, IMImobile said, but the year ended strongly in the region with some new contract wins which will deliver revenues during its current financial year.
"We continue to deliver good performance across the key financial metrics whilst continuing to invest in our technology roadmaps and geographic expansion. We expect organic growth in all our key markets and will use our financial and cash strength to further our ambitions to consolidate a fragmented market," said Chief Executive Officer Jay Patel in a statement.
"We are well positioned to exploit the macro trends around increasing mobile usage and digitisation of business operations and we remain confident about our prospects for the future," Patel added.
Shares in IMImobile are trading up 4.0% at 142.00 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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