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LONDON (Alliance News) - Rosslyn Data Technologies PLC Tuesday reported higher first-half revenue buoyed by new business wins, but said its loss marginally widened in the period on the back of higher administrative expenses.
The analytical services provider posted a pretax loss of GBP1.68 million for the half year to end-October, slightly more than the GBP1.67 million loss it reported in the first-half of the year before. Administrative expenses rose more than 10%, as the company continued to expand the business, increasing its sales and marketing teams in both the UK and US.
The company said that "tight financial and operational management" delivered a lower cash burn and loss than management expected.
"The group is well positioned to benefit from increasing opportunities in its key markets which are being driven by the need for more data-driven decision making efficiency gains, cost savings, improved sales and marketing effectiveness and regulatory compliance needs," said Chief Executive Charles Clark in a statement.
"We remain confident that, supported by strong contracted revenue visibility and new business momentum, we will continue to make solid progress," he added.
Revenue came in at GBP1.3 million, up 23% on last year's GBP1.0 million, driven by new business wins. Total client numbers were up by over 50%, the company said.
Rosslyn said subscription revenue remains strong, while it is is in "various stages" of completing contractual agreements with a number of partners and direct clients.
"The second half of the year has begun well. There have been a number of contract wins already and the contract award with the US state universities group is an exciting opportunity which breaks new ground and provides a solid base from which to expand our reach into the large US education field," the group said.
Rosslyn shares were trading 1.5% higher Tuesday morning at 17.50 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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