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(Alliance News) - KRM22 PLC on Tuesday said its loss yawned in the first half of 2019 as sharp revenue growth was more than offset by higher expenses.
KRM22 is a software investment company focused on risk management in capital markets.
It reported a pretax loss of GBP4.5 million for the six months to the end of June compared to GBP1.4 million a year before, as administrative expenses jumped to GBP6.0 million from GBP1.5 million.
Revenue also multiplied, to GBP1.8 million from just GBP73,000 reported the year before, and this was generated from recurring customer contracts. As at June 30, KRM22 had contracted annual recurring revenue of GBP4.1 million from 37 institutional customers.
"We have made significant progress in the first six months of the year as we continue to build the company to become the market leader in risk management for capital market firms," said Executive Chair Keith Todd.
"The growth in customer numbers and increase in recurring revenue demonstrates our commitment to investors to building a strong recurring revenue business," added Todd.
Looking ahead, the company said the continued uncertainty around Brexit poses inherent risks at being able to accurately plan for the future.
KRM22 shares were trading 9.8% lower on Tuesday in London at 62.28 pence each.
