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(Sharecast News) - Software company i-nexus said on Tuesday that a "major legacy customer" will not renew its contract with the group at the end of the calendar year.
i-nexus said the loss of the contract, which generates £54,000 per month, forced it to "rapidly put in place mitigating actions" such that the impact on its cash flows can be minimised and its adjusted underlying earnings breakeven position can be "substantially preserved".
The AIM-listed group said it believes it has "sufficient working capital" for its present requirements and, otherwise, reported a "steady performance" for the year ended 30 September, successfully achieving its objective to deliver improved double-digit net monthly recurring revenue growth, up 16% to a year-end exit rate of £289,000.
Chief executive Simon Crowther said: "While it is always unfortunate to part ways with a valued customer, especially one with whom we have enjoyed a strong working relationship, this was our last remaining client using the older, highly customised version of the i-nexus software, and supporting their unique requirements was resource and cost-intensive.
"While the loss of any customer is a financial setback, market demand for digital strategy solutions and growth opportunities within our customer base remains encouraging and the board are optimistic about the opportunities and growth potential of the coming year."
As of 1200 BST, I-Nexus shares had sunk 20% to 3.60p.
Reporting by Iain Gilbert at Sharecast.com
