BOS Global losses widen as it pushes forward with new products

Productivity and operational efficiency-focussed software provider BOS Global Holdings announced its interim results for the six months to 31 December on Wednesday, with revenue reducing to nil from $0.15m in the same period a year earlier, thanks to its reverse takeover maneuver.

The AIM-traded firm posted other income of $0.11m, however, up from $0.01m.

Its loss before income tax and loss for the period widened to $4.3m from $0.27m, with the company’s total comprehensive loss for the period being the same figure.

Basic and diluted losses per share were eight US cents, compared to 0.02 cents a year prior.

The board described the period as a “transformative” one following the completion of the reverse takeover of Forte Energy NL.

During the period, the company successfully launched two work optimisation software products, BOS Meet and BOS Automate, in December 2016 and January 2017 respectively, both of which already had over 200 seats subscribed for, with additional products in the pipeline.

It secured development, partnership and marketing agreements to facilitate a growing global presence, including a reseller agreement with an unspecified Australian multinational company.

BOS also confirmed a conditional agreement to acquire 40% of Call Design, a profitable provider of workforce optimisation tools focussed particularly on contact centre services, which has an established blue chip client base and operational presence in 26 countries offering cross-selling opportunities.

Patents were accepted for the BOS Time and BOS360 Work Patterns products during the six months as well.

“These are extremely exciting times for BOS GLOBAL and its shareholders,” said managing director Michael Travia.

“The demand for software and systems which blend business process, intelligence gathering and advanced analytics to drive efficient business practices and workplace engagement is exploding.”

Travia said by executing on its defined strategy to develop its cloud based software product, utilising global marketing and distribution channels, and bringing together proven world class personnel, BOS could deliver an “exceptional” product.

“Additionally, to ensure we maximise our market position we will continue to look for complementary investments, such as Call Design, which we believe will enable us to deliver a truly global business that dominates its market sector.”