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Attraqt Group PLC

ATTRAQT hails "milestone" 2017 and remains focused on securing more client wins

22 new logos were signed up in 2017, including Arc'teryx, Beauty Bay, Hunter Boots and The White Company.

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ATTRAQT provides cloud-based SaaS solutions that maximise the conversion of shoppers into buyers via onsite search, online merchandising and eCommerce personalisation for online retailers

ATTRAQT Group plc (LON:ATQT) said its strategy remains the same after a “milestone year” - to become the eCommerce acceleration platform of choice for online retailers.

In its full-year results, the company highlighted the impact of the Fredhopper business it acquired last year, which contributed to a 278% increase in revenue to £13.6mln from £3.6mln the year before.

READ: ATTRAQT Group surges as top line goes ballistic after Fredhopper acquisition

The addition of Fredhopper to the group did, however, result in the gross margin tumbling to 69% in 2017 from 86% in 2016, reflecting Fredhopper’s lower margin of around 59%.

Before exceptional items, adjusted underlying earnings (Ebitda) were negative at around £200,000 compared to a loss the year before of £1.6mln but this was in line with management’s expectation.

READ: ATTRAQT to acquire larger rival Fredhopper from SDL

The business traded on an adjusted Ebitda (pre-exceptional) positive basis in the second half of 2017.

Average software-as-a-service revenue per logo increased to £62,000 from £41,000 in 2016 as ATTRAQT's solutions were taken up by larger clients.

Cash at the end of the year had risen to £1.6mln from £1.2mln at the end of 2016 and had risen further to £2mln at the end of February as the normal working capital movements unwound after the end of the year.

“It has been a milestone year for ATTRAQT, with the acquisition and successful integration of Fredhopper adding a significant level of scale and capability to the business, leading us to several noteworthy new contract wins over the period. We believe that our product offerings are best of breed, and that our customers and prospects will continue to see the value in choosing ATTRAQT,” said Nick Habgood, the interim chairman of ATTRAQT.

"The period ahead will be focused on driving the underlying operational effectiveness and performance of the business. The key to success for 2018 will be continued new client wins, and further upsell to current customers whilst minimising attrition. We have put in place the tools to enable this strategy and look forward to delivering on it in the period ahead," he added.

Quick facts: Attraqt Group PLC

Price: £0.35

Market: LSE
Market Cap: £62.12 m
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