Imaginatik narrows losses and holds revenue steady

Imaginatik posted its unaudited results for the six months to 30 September on Tuesday, with a reduced loss after tax of £0.26m, compared to £0.41m, despite the impact of adverse currency movements.

The AIM-traded company reported recognised revenue holding almost steady at £1.84m, down from £1.96m, with deferred revenue increasing 16% to £3.35m at period end.

Overall bookings stood at £1.95m, reducing from £2.2m.

The firm’s board reported a “good” level of customer renewals and signing of four new customers during the year, as well as the initiation of the partner programme in the US and Europe, resulting in potential significant expansion of market reach.

It also successfully completed a placing and open offer in June, raising gross proceeds of £1.67, to enable further investment in the business.

“Imaginatik delivered a steady first half of the year, substantially reducing trading losses while once again securing a good level of customer renewals and new customer wins,” said non-executive chairman Matt Cooper.

“We continue to see evidence that our acknowledged leadership of the innovation industry is resulting in growing interest in our business - both from a partnering and customer perspective.”

Cooper said the company has entered the second half of the year with a healthy pipeline of new business opportunities and has closed three new clients in the start of the second half of the year.

“Having built a unique offering within the international innovation marketplace we are confident we have the foundations in place for future success.”