(Sharecast News) - Data analytics firm Rosslyn said on Thursday that underlying losses had narrowed in the year ending 30 April in what was "a milestone year" for the group.
Rosslyn now expects to report a full-year underlying loss of £2.4m on an adjusted basis, down from £3.9m a year earlier, as the group completed its "fundamental transformation".
Sales will be at least £2.9m, said Rosslyn, while annual recurring revenues were pegged to be no less than £2.6m, up 20% year-on-year.
Year-to-date, Rosslyn said it had won six new contracts worth £1.9m in total, while several others were said to be still in discussion but will now likely fall into the 2024 trading year.
Chief executive Paul Watts said: "The response from our clients and marketplace has been excellent and we are receiving growing demand for our best-in-class procurement analytics solution - both from new and existing customers as they increasingly discover the value that our platform offers.
"While we have made some investment to be able to capitalise on this demand, we have been able to deliver improvement against all our KPIs, including a substantial reduction in cash burn. Accordingly, we are pleased with the progress to date and look forward to continuing to execute on our strategy."
As of 1000 BST, Rosslyn shares were up 3.17% at 0.75p.
Reporting by Iain Gilbert at Sharecast.com
Rosslyn Data (RDT)