LONDON (Alliance News) - Cloud-based localisation provider Zoo Digital Group PLC said Monday it swung to an annual loss despite reporting a sharp increase in revenue.
The company, in a separate statement, said that Chief Financial Officer Helen Gilder will remain with the company until the end of July, when she will leave her role to Phillip Blundell.
For the year ended March, the company posted pretax loss of USD5.0 million from a USD500,000 profit the year before. This was due to a non-cash charge for the fair value movement on an embedded derivative brought about due to the rising share price, the company said.
The company's adjusted pretax profit rose to USD500,000 from USD100,000 year-on-year.
Revenue for the year jumped 73% to USD28.6 million from USD16.5 million, in the comparative year ago period.
Earnings before interest, taxes, depreciation and amortisation soared to USD2.4 million from USD1.8 million year-on-year.
The company described the year as "extremely successful" in which it delivered revenue growth while expanding its offering.
"Our sales pipeline continues to grow across our offerings, both from existing and new customers, giving us confidence in achieving on-going organic growth. With a strengthened balance sheet, enlarged commercial team and augmented offering, we look to the future with confidence," Chief Executive Officer Stuart Green said.
Zoo Digital shares were flat at 94.00 pence on Monday.
Zoo Digital (ZOO)