Pretax losses at i-nexus narrow slightly

Published by

Peter Davison

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."

Peter Davison

Peter Davison is deputy editor of The Business Magazine. He has spent his life in journalism – doing work experience in newsrooms in and around Bristol while still at school, and landing his first job on a local newspaper aged 19. By 28 he was the youngest newspaper editor in the country. An early advocate of online news, he spent the first years of the 2000s telling his bosses that the internet posed both the biggest opportunity and greatest threat to the newspaper industry and the art of journalism. He was right on both counts. Since 2006 he has enjoyed a career as a freelance journalist. He lives in rural Wiltshire with one wife, two children, and three cats.