K3 pleased with performance of bizarrely-named 'ax I is fashion'

Business technology company K3 announced the signing of a new significant contract for "ax l is fashion" on Monday.

The AIM-traded firm said the contract brought the total value of new "ax l is fashion" orders secured since the start of the current financial year to £1.8m, spread over the next two to three years.

"ax I is fashion" is a K3 authored software solution for Enterprise fashion companies, based on the Microsoft Dynamics platform.

Of the seven orders secured since the start of the new financial year, six were delivered through K3's channel partner network.

The board said that reflected K3's strategy to capture more of the sales and earnings potential of "ax I is fashion" through closer strategic relationships with system integrators.

Newly won customers since the beginning of May included Engbers - Germany's largest shirt manufacturer; Mole Valley Farmers - the UK-based rural retailer; and Van Bommel - the long-established Dutch shoemaker, with an existing K3 customer Eton Shirts moving to a major roll-out of the solution.

As it had previously announced, the company had seen a “significant upturn” in sales of "ax l is fashion", and the closure of the seven orders compared with seven secured over the 17 months to November last year.

The pipeline of prospects for what the board called a “market-leading product” continued to remain very encouraging.

“We are delighted with the momentum we are seeing with sales of "ax l is fashion",” said K3 chief executive officer Adalsteinn Valdimarsson.

“The number of deal closures secured since the start of the new financial year is significantly higher than the prior 17 months.”

Valdimarsson said that reflected a number of factors, including the company’s renewed focus on more strategic engagement with channel partners to drive the sales potential of the solution.

“We expect to see continuing growth, underpinned by an active pipeline of new business opportunities.”