LONDON (Alliance News) - Arria NLG PLC Thursday said it losses widened for the full year, in its maiden results since it listed on AIM last month.
The firm, which develops and deploys natural language generation technologies, posted a pretax loss of GBP13.0 million for the year ended September 30, 2013, compared with GBP6.5 million a year earlier, which it blamed on the acquisition of Data2Text Limited, the costs of securing a public listing, and marketing to new clients.
The firm bought the 80% of natural language generation firm Data2Text that it did not already own in October ahead of listing on AIM.
Despite losses widening, revenue increased to GBP816,178 during the period from GBP62,554 in 2012. This was predominantly attributable to the company's contract with an oil and gas "super-major" client, whom it didn't name.
Arria raised GBP5.3 million in September, with some of the funds used to fund the acquisition of Data2Text, with a further GBP4.2 million raised after its year end. The company said it raised a total of USD20.3 million during 2013. It has raised USD40 million since it was formed.
The firm said it believes its prospects are "very bright", with negotiations continuing with existing clients to expand the scope of their relationship, which the directors expect to result in deeper and longer engagements.
The stock was trading at 126.00 pence Thursday morning, down 4.00 pence or 3.1%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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