(Alliance News) - Rosslyn Data Technologies PLC shares were down on Monday, after it said it expects a wider loss in its full year.
Shares in the Portsmouth, England-based data management and analytics service provider were down 21% at 12.90 pence each in London on Monday afternoon. In the last year, the stock is down 57%.
Rosslyn expects to report revenues for the year ending in the range of approximately GBP2.8 million and GBP3.0 million, with a corresponding adjusted loss before interest, tax, depreciation and amortisation of between approximately GBP2.6 million to GBP2.8 million. In financial 2023, Rosslyn reported revenue of GBP3.0 million, and an adjusted Ebitda loss of GBP2.0 million.
In January, Rosslyn reported revenue for the six months that ended October 31 of GBP1.4 million, unchanged from a year before.
Rosslyn reported an adjusted loss before interest, tax, depreciation and amortisation of GBP1.7 million, widened from GBP1.6 million in 2023. Pretax loss was GBP2.0 million, widened from GBP1.8 million a year before.
Since then, Rosslyn has had "discussions with sizable new partners have continued to progress," the firm said.
"Whilst the board remains hopeful that at least one of these contracts will be signed before the current financial year end, the board recognises that the size and nature of the opportunities has meant that there have been extended timeframes for interactions with partners of this scale. As such, timelines for concluding these contracts are correspondingly more protracted than originally anticipated and the board now expects that only a limited amount of revenue from these contracts will be recognised in the current financial year," it explained.
The company said it continues to closely monitor cash to ensure that it has sufficient resources to execute its growth strategy.
By Sophie Rose, Alliance News senior reporter
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