LONDON (Alliance News) - Cloud-based software firm Synety Group PLC on Tuesday said its pretax loss narrowed in 2015 on higher revenue and better margins.
Synety's pretax loss for the year to the end of December was GBP3.7 million, compared to a GBP5.5 million loss the year earlier, as revenue rose to GBP3.3 million from GBP1.6 million, slightly more than doubling.
In addition, the rise in revenue was not accompanied by a corresponding rise in cost of sales, leaving gross margins significantly stronger at 76.9%, compared to 72.7% in 2014.
Synety said its annualised recurring revenue grew 54% in 2015, with recurring revenue now representing 87% of total sales. Recurring revenue per user also increased, up 7.0%.
Synety said it has significantly improved its customer on-boarding and customer service and expects ongoing product developments to further boost the strength of its portfolio.
Shares in Synety were up 7.5% to 72.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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