(Alliance News) - Rosslyn Data Technologies PLC on Tuesday reported a narrowed loss for the first half of its financial year, as revenue grew on new acquisitions.
For the six months to the end of October, the AIM-listed data management and analytics services provider reported a pretax loss of GBP883,000, narrowed from GBP1.0 million the year before.
This was on revenue that grew by 13% year-on-year to GBP3.6 million from GBP3.2 million. Revenue growth was partly driven by the acquisition of supply chain data firm Langdon Systems for GBP48,750 in September 2019.
Annual recurring revenue also rose during the period to GBP6.2 million from GBP6.0 million the prior year.
Looking ahead, Rosslyn said the second half of its financial year has started well, with new customer wins and good levels of upsells of added functionality to the company's current customer portfolio.
Rosslyn said it is in the process of negotiating contracts with much larger values than usual, however due to their size and the pandemic situation, these discussions are taking longer than usual to complete.
"I am delighted with how the business has performed during these challenging times and we remain confident in the performance of the business for the full year. Additionally, having been able to accelerate our investments into Sales and Marketing gives us a significant opportunity to achieve higher growth rates next year and beyond," said Chief Executive Officer Roger Bullen.
Shares in Rosslyn Data Technologies were down 5.0% at 6.29 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Rosslyn Data (RDT)