Rosslyn Data Technologies PLC (LON:RDT) said its revenue for the 2018 financial year has increased by nearly 100% following its acquisition of Integrite Ltd in May 2017.
The AIM-listed software group said its revenues had increased 94% to £7mln in the 2018 financial year, while it expected an adjusted loss before tax of around £1.3mln, down from a pre-tax loss of £2mln the previous year.
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The firm added that it had completed the integration of Integritie and onboarded its products on to the company’s RAPid Platform, while also achieving synergies over the £850,000 that was expected at the time of acquisition through both cross-selling and operational efficiencies.
Rosslyn also said that it had ended the year with a net cash balance of £0.3mln, the same as 2017, and that it currently had a net cash balance of £0.7mln and was on track to achieve cash flow break-even in the current fiscal year.
The company added that its client acquisition rate was continuing at a steady pace, with the average costs of acquiring new clients trending lower. Client churn (or attrition) rates remained at 5% of revenues but the groups added that its committed monthly run rate for the 2019 financial year was now more than £4.5mln, up from £2.5mln in 2018.
Roger Bullen, chief executive of Rosslyn, said: “The acquisition of Integritie allowed us to increase our offering to the market, whilst providing access to new technologies, introduce automated processes and improve our Artificial intelligence and our Natural Language Processing capabilities across our data analytics suite.
He added that the group had a “broad pipeline” of new business in addition to a close alignment of its revenues and costs bases which he said allowed the company to look forward with “huge optimism”.