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i-nexus Global PLC - Coventry-headquartered strategy execution software provider - Further shrinks monthly operating cost base to GBP360,000 from a peak of over GBP850,000 with the firm now operating at monthly break-even profit and loss. As at July end, trade debtors exceed GBP800,000 with positive cash balance GBP190,000. Launches Summer 2020 product to positive reception and secures new customer on multi-year contract. Obtains "substantial services order", adding to annual recurring revenue. Active sale pipeline now rebuilt to pre-pandemic levels with potential estimated ARR of around GBP1.8 million. Agrees HMC deferral and repayment plan amounting to GBP430,000 but otherwise unable to obtain access to more funding.
"Based on the company's latest cash flow projections, the directors anticipate that the company is likely to experience a modest cash shortfall by the end of the calendar year, but should return to a positive cash balance from February 2021 onwards, in line with i-nexus' regular seasonal cashflow profile. As a result, the board is, as a key priority, scaling up its efforts to source new financing facilities with immediate effect," says i-nexus.
Current stock price: 4.38 pence
Year-to-date change: down 73%
By Anna Farley; annafarley@alliancenews.com
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