(Alliance News) - Risk management software firm KRM22 PLC said Thursday it had won three new customer contracts, taking its annual recurring revenue to GBP4.3 million.
An investment firm signed to use KRM22's Irisium market surveillance applications, a Singapore broker will use its Risk Monitor application and an Australian firm its Enterprise Risk Cockpit software.
In total, this takes annual recurring revenue to GBP4.3 million which rises to GBP4.4 million in 2020. This represents an 18% organic increase in annual recurring revenue for 2019 to date, KRM22 noted.
In addition, KRM22 announced plans to reduce the scope of some of its activities in 2020. Although this is not expected to affect 2020 revenue, it will results in a cost reduction of GBP1.0 million.
"In the 18 months since we listed, we have built the foundations of a great business and are now seeing the start the contract flow from the extensive sales pipeline we have built and are successfully converting," Executive Chair & Chief Executive Officer Keith Todd said. "We now have 15 applications available, addressing enterprise, regulatory, market and operations risk."
Shares in KRM22 were untraded at 51.45 pence in London on Thursday.
By Ahren Lester; ahrenlester@alliancenews.com
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Krm22 Plc (KRM)