LONDON (Alliance News) - Imaginatik PLC Tuesday posted a widened pretax loss for the year to end-March, as it increased its investment in headcount and revenue declined slightly.
The software and consulting services company posted a pretax loss of GBP1.7 million, widened from a loss of GBP1.3 million a year earlier, as revenue declined to GBP2.9 million from GBP3.0 million and administrative expenses rose as it upped investment in its sales and consultancy personnel in the US.
Imaginatik won business with 15 new clients during the year, down from 24 in the previous year, but noted that the new contracts were of a greater average value than the previous year, and more were of a longer term.
Additionally, it saw a higher number of renewals, leading to an increased gross bookings value of GBP3.4 million compared with GBP2.8 million in the previous year,
The company said the conversion of its sales pipeline had been slower than planned, but expressed confidence in future growth as the pipeline at the year end was GBP6.6 million, up from GBP3.6 million a year earlier.
Imaginatik is continuing to search for a full time chief executive, and said it had engaged a US-based search firm to assist with the process.
The company said it had made "steady progress" in the first quarter of the new year, adding five new clients. For the rest of the year it will focus on building sales momentum, growing brand awareness and taking new products to market.
"With what we believe to be the right strategy, a strong team and extended offering, we are confident in the future success of Imaginatik," said Executive Chairman Matt Cooper in a statement.
Shares in Imaginatik were trading down 0.7% at 0.0670 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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