Cloud-based data analytics specialist Rosslyn Data Technologies PLC (LON:RDT) said its pipeline continued to grow in the first half of the financial year.
“We have been shortlisted by a number of major businesses within our target market and, with the help of marketing, continue to raise our profile, meaning that we are now included in most invitations for large data procurement events,” the company said in a trading update covering the six months to the end of October.
The group said its key metrics are heading in the right direction, with the client acquisition rate growing at a steady pace and the average cost of acquiring a new client getting cheaper, despite a slow-down in the time to close contracts.
Furthermore, both the average and lifetime contract value is trending upward, and now exceeds more than £75,000 a year, which is more than half as much again as at the time of the company’s flotation, in April 2014.
The churn rate – the proportion of the customer base that does not renew contracts each year – remains below 5%, the company revealed.
“The management's focus on achieving cash flow break-even is progressing and remains on track, which the board believes is encouraging evidence of an emerging, sustainable and valuable business model,” the company said.
The shares were up 1.3% at 9.5p in early trading.