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i-nexus Global PLC - Coventry, England-based software company - For the half-year ended March 31, pretax loss narrows to GBP343,094 from GBP426,756 a year ago. Revenue however falls 25% to GBP1.5 million from GBP2.0 million. Recurring revenue stands lower at GBP1.4 million versus GBP1.8 million a year ago. "This reduction in recurring revenue reflects the exceptional level of churn experienced in financial year 2021," the firm explains.
Administrative expenses decrease to GBP1.4 million from GBP2.0 million. Cash balance falls to GBP694,202 at March 31 from GBP811,768 a year ago. However, cash balance at the end of March is higher than GBP575,203 as at September 30, 2021.
The company's expected net retention rate for financial 2022 rises to 94% from 73% during financial 2021 as more customers renew their contracts. "The growth in our customer base and the steady increase in recurring revenues, means we look to the future with confidence," Chief Executive Officer Simon Crowther says.
Current stock price: 5.00 pence, down 31% on Monday
12-month change: down 67%
By Tom Budszus; tombudszus@alliancenews.com
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