Rosslyn Data swings to loss amid 'challenging year', FY revenues grow

(Sharecast News) - Big data technology company Rosslyn Data Technologies said on Friday that revenues had grown in the twelve months ended 30 April despite it being "a challenging year" that saw Covid-19 lockdowns slow client opportunities and force it into the red.
Rosslyn expects to report full-year revenues of £7.4m, a 4% year-on-year improvement, but cautioned that it was still on track to report an operating loss before interest, tax, depreciation and amortisation of £250,000, a marked turnaround from the prior year's £36,000 profit as a result of "significant investments" into its sales and marketing units.

The AIM-listed group also stated it has continued to "robustly manage" its cash and said it had ended the year with a cash balance of £6.7m, up from £800,000 twelve months earlier, whilst bank debt stood at £900,000, down from £1.2m in 2020.

Chief executive Paul Watts said: "This past financial year has been one of investment, which has provided us with a solid platform on which we can capitalise and grow as the global economy starts to return to some degree of normality. I am pleased with how the group has performed in these challenging times and the gains that we have made through investing in our infrastructure."

Separately, Rosslyn revealed that after two years, chief financial officer Ash Mehta will be leaving the group at the end of August in order to pursue another opportunity. The firm has already commenced a search for a replacement.

As of 1055 BST, Rosslyn shares were down 4.46% at 5.30p.