Pretax losses at i-nexus narrow slightly
Coventry software company i-nexus Global plc has reported that annual revenue fell this year, but that it remained confident in outlook.
Revenue in the financial year that ended September 30 was £3.1 million, down 14 per cent from £3.6 million a year earlier.
Revenue fell despite a record number of sales due to the lagged impact of non-renewing contracts in the prior year, said the firm.
Pretax loss narrowed to £1.11 million from £1.13 million, while cost of sales were up 4.8 per cent to £666,280 from £635,532.
CEO Simon Crowther said: "I am pleased to report on a year of solid progress at i-nexus, in which we delivered on all three areas of our strategic plan, resulting in growth in new business wins, a more stable cash runway, and greater clarity on our future direction.
"The sales successes in the year combined with the significant improvement in customer renewals enabled us to achieve our target of double-digit underlying MRR growth in the year.
The growing interest in strategy software, the relaxation of enterprise software budgets, the enhancements we have made to our products and our increased sales and marketing skills, all combine to provide us with confidence in our outlook and ability to deliver another year of double digit MRR growth."
