LONDON (Alliance News) - Smartspace Software PLC on Wednesday reported a significantly widened annual pretax loss due to a surge in administrative costs.
For the year to January 31, the software provider for the management of smart buildings posted a pretax loss of GBP4.2 million compared with GBP741,000 loss a year prior.
This was due to administrative costs increasing to GBP7.9 million from GBP5.1 million a year before and revenue coming in broadly flat at GBP6.3 million from GBP6.1 million.
The cost of sale of goods also rose to GBP1.8 million from GBP1.4 million while the cost of providing services increased to GBP710,000 from GBP266,000, both impacting the company's profitability.
"Our plan in the coming year is to continue to invest into sales and marketing to enterprise and mid-market companies to maximise the opportunity we see for workplace technology, both in the UK and overseas," Chief Executive Frank Beechinor said.
"We will continue to focus our UK software development resources on our workplace software platform with the aim of enhancing the existing offering, allowing us to maintain competitive differentiation through technical innovation," he added.
Smartspace Software shares were trading 0.6% lower at 85.50 pence each on Wednesday morning.