(Alliance News) - Pulsar Group PLC on Friday said it was confident of delivering future growth despite sales falling in the last financial year.
In the year to November 2023, the London-based software-as-a-service products provider previously called Access Intelligence PLC said its pretax loss widened to GBP10.8 million from GBP7.5 million a year prior. Revenue fell 5.0% to GBP62.4 million from GBP65.7 million.
But adjusted earnings before interest, tax, depreciation and amortisation more than trebled to GBP7.3 million from GBP2.3 million.
Pulsar said recurring revenue now comprised 95% of total revenue, up from 93% a year prior, as the group as focussed on winning and delivering profitable, long-term customer contracts.
The growth was underpinned by both improved renewal rates and new business win performance year-on-year, the company said.
Non-Executive Chair Christopher Satterthwaite said: "The board is pleased with the progress achieved in 2023 in advancing the group's product offering and in generating profitable, global ARR growth. We remain confident in the group's ability to deliver growth, improved margins and cash flow in 2024 and beyond."
Pulsar said ARR growth has accelerated during the first four months of the current financial year with growth in excess of GBP1.3 million for the period compared to GBP0.7 million a year prior.
Pulsar said renewal rates have significantly improved year-on-year in addition to a number of blue-chip global customer wins and win-backs during the period.
Shares in Pulsar fell 5.2% to 73.50 pence in London on Friday.
By Jeremy Cutler, Alliance News reporter
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Pulsar Group (PULS)