News blog
Arcontech Group
- BY: Andrew Hore |
- POSTED: 26/03/2015 |
Real-time financial data provider Arcontech Group moved into profit in its latest interims but it is about to lose a major customer.
Revenues increased from £97,000 to £1.04m, while a loss of £67,000 was turned into a profit of £117,000 thanks to cost reductions. Annualised recurring revenues were £2.1m at the end of 2014.
However, a major customer wants to end its contract 18 months early, which will reduce annualised recurring revenues. In 2013-14, the largest customer generated £519,000 and the second largest £336,000 – together they generated well over two-fifths of total revenues. The lost business is unlikely to be covered by new clients in the short-term.
The cash figure increased from £734,000 to £1.07m in the six months to December 2014. That appears to be mainly down to the rise in deferred income from £851,000 to £1.3m, which is recognised as revenue over the term of the contracts. The cash figure has improved to £1.29m since the end of 2014.
At 0.12p a share, down 0.04p, Arcontech is valued at £1.84m. Northland has been replaced as nominated adviser and broker by finnCap.
AIM Journal March 2015 available.
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