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LONDON (Alliance News) - KRM22 PLC on Monday posted a loss for its first set of annual results since its initial public offering and said it has completed the acquisition of Object+ Holding BV.
KRM22, a technology and software investor, posted a pretax loss of GBP5.4 million for 2018, which includes GBP6.5 million of administrative expenses. This compares to a GBP6,000 loss for 2017 on administrative expenses alone.
KRM22 listed on London's AIM market in April 2018. Its revenue for 2018 was GBP1.3 million, with no revenue recorded in 2017.
The revenue in 2018 came from two businesses, Irisium and ProOpticus, which were acquired in June and September 2018 respectively. KRM22 has a 60% stake in trade surveillance software company Irisium and owns all of market risk tool firm ProOpticus. In 2018, ProOpticus contributed GBP500,000 of revenue and Irisium GBP800,000.
The company now also has acquired Dutch peer Object+ in a deal worth up to USD3.9 million in a cash and shares. KRM22 has admitted 606,909 shares at 85 pence each, equivalent to USD650,000. With the new shares, KRM's shares in issue now total 18.9 million.
KRM also made an initial USD500,000 cash payment. Another USD2.8 million is payable based on Object+'s performance.
KRM22 Chief Executive Keith Todd said: "I am delighted and proud of the progress KRM22 has made in the 13 months since IPO. This first set of annual results is just the start of the journey and the numbers represent just the first few months of our progress. We have established a very strong foundation for the business in terms of technical development of the global risk platform, a quality customer base and an international team with deep subject matter expertise. We continually make strides towards our mission to bring increased visibility and lower cost risk management to capital market organisations."
KRM22 Chief Operating Officer Karen Bach - one of three founder directors - is to become a non-executive director on July 1. The company noted that "Karen will also be available to support the executive directors on strategic matters and investments".
Shares in KRM22 were up 2.8% at 77.60 pence on Monday before midday on London.