Online visual merchandising and personalisation technology supplier ATTRAQT has built up its recurring revenue base.
Recurring revenues have grown to an annualised figure of £2.58m, which is around three-quarters of annualised costs, based on the interim figures.
In the six months to June 2015, revenues were £1.34m, with £1.24m of this figure recurring. The loss was reduced from £470,000 to £349,000, while the cash outflow from operations was £174,000. R&D tax credits received more than covered capitalised development spending. There was £198,000 left in the bank at the end of June 2015. The cash outflow should decline but there will not be such a big contribution from R&D tax credits in the second half.
There is little financial room in the current balance sheet so ATTRAQT will have to start generating cash soon or raise more funds, especially as it needs to continue to invest in its software.
Clients are being added and they are also spending more – the average value of first half deals was £2,322/month, up from £1,769/month in the first half of 2014. There were 113 sites up and running by the end of June with 27 projects due to be completed in the second half. North America is becoming a more important market with 15 clients.
At 58.5p a share ATTRAQT is valued at £12.1m.
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