LONDON (Alliance News) - Imaginatik PLC Monday said it expects to report an increase in revenue in the first half of its financial year, leading to a reduction in losses, after it completed several contract renewals with clients.
Shares in Imaginatik were trading up 24% at 6.50 pence Monday afternoon.
The consultancy and technology provider said revenue in the six months ended September 30 will rise 33% on the same period the year before to GBP2 million from GBP1.5 million, which combined with cost containment will reduce half-year losses to GBP0.4 million from GBP0.7 million.
Imaginatik said overall bookings grew 91% in the period, driven by the successful completion of several large multi-year renewals with existing clients.
It added that it is making continued progress in the consulting division as it works to grow its footprint and expand the range of its services. The company is in contract discussions with a number of companies and said it expects to complete several new contracts in the next few weeks.
"The board is pleased with the progress Imaginatik is making. The quality of the client base is outstanding for a company of our size, and we are seeing pleasing growth in new innovation consulting opportunities," Chairman Matt Cooper said in a statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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