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(Alliance News) - K3 Business Technology Group PLC on Thursday said its annual revenue rose despite recording a pretax loss, as it also announced Eric Dodd as its new chief financial officer.
K3 is a Manchester, England-based business-critical software solutions provider focusing on fashion and apparel brands.
The company said its annual revenue for the year ended November 30 was up 4.9% to GBP47.5 million from GBP45.3 million the year prior. This was attributed to strong growth in the company's third-party solutions division, as well as higher contribution from strategic products in the products' division, K3 said.
Meanwhile, pretax loss narrowed to GBP3.8 million from GBP7.8 million, due to a decrease in impairment expenses to GBP102 million from GBP118 million the year prior.
K3 did not declare a dividend for the year, unchanged from 2021.
The company also announced on Thursday the appointment of Eric Dodd as new chief financial officer as Rob Price steps down from the role after six years with K3.
Dodd was previously CFO of ATTRAQT Group plc. He will join the board next week, while Price remains with K3 until the end of May to "ensure a smooth handover".
Looking ahead, K3 said the new financial year has started strongly through a material improvement in cash generation in the first quarter of the current financial year.
Chief Executive Officer Marco Vergani said: "Our focus on driving the growth of our strategic fashion products is yielding very encouraging results, and we have enhanced our sustainability offering. This is an increasingly important area for the fashion and apparel sector, with legislation also driving the adoption of sustainability solutions. Our Third-party Solutions division grew strongly and continues to generate high cash flows.
"The new financial year has started encouragingly, with our largest ever software licence contract for our flagship fashion product," he added.
Shares were down 2.2% from 110.00 pence in London on Thursday afternoon.
By Sabrina Penty; Alliance News reporter
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