The provider of cloud-based data analytics platform RAPid reported a loss before tax of £0.4mln in the year ended 30 April 2017, compared to a £2.4mln loss the previous year, on tight cost controls.
Revenue dipped to £3.6mln from £3.9mln last year as the Brexit vote, US presidential election and difficult trading conditions for some of its partners led to a slowdown in the delivery of some larger contracts.
“Despite this we have been able to manage our cost base and we are now able to see a timeline when cash flow break-even and profitability occur; although we are not yet complete, we believe there is a strong chance of this occurring this new financial year,” said chairman John O’Hara in a statement.
Cash flows used in operating activities fell to £1.6mln from £2.8mln and the group ended the year with a net cash balance of £0.3mln, down from £1.9mln. But the company said it has adequate cash resources to take the group through to break-even and cash generation following a share placement in May.
Customer wins and strategic partnerships
During the period, the group attracted new customers, including a major logistics company and a global media brand.
Rosslyn, which began trading on London’s junior market AIM in April 2014, also agreed a strategic partnership with Dun & Bradstreet to provide self-service data and analytics to procurement professionals.
The direct sales operation achieved some notable contract wins in all regions including the UK, Continental Europe and the US. The average annual contract value has risen by more than 50% to between £50,000 and £77,000 since the group’s initial public offering.
Another significant achievement for the group, the RAPid platform was recognised as one of the top cloud-based platform products by becoming a Microsoft Data Platform of the Year finalist in October.
Microsoft also recognised Rosslyn as a preferred partner, giving it a ‘co-sell recommended partner’ status.
Rosslyn expects year of change as it expands with Integritie acquisition
The current financial year is expected to be a “year of change” for the firm, the company said.
Rosslyn said its acquisition of Integritie, announced in May, will double the size of the business and deliver a number of new opportunities.
“Our partnership strategy continues to develop and is coming to fruition in the US; these partnerships have the potential to deliver the majority of our revenue over the coming years,” O’Hara said.
“This, alongside the strengthening traction within our direct sales, makes this an exciting year for us.”