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Rosslyn Data eyes "breakthrough year" as data analytics demand grows

The data technology firm said it had secured significant client wins since May and has a broad pipeline of new business
Rosslyn Data eyes "breakthrough year" as data analytics demand grows
Rosslyn Data's revenue jumped 83% to £6.4mln in 2017/18

Rosslyn Data Technologies PLC (LON:RDT) expects to report a profit in 2018/19 in what the big data technology expects to be a “breakthrough year”.

The provider of a leading cloud-based enterprise data analytics platform said on Monday it continued to see strong demand for data analytics after winning several contracts with large, global companies in the year to the end of April.

READ: Rosslyn Data bags US$650,000 contract

The data group reported a loss before tax of £3.7mln for the year, up from a loss of £2.0mln a year earlier. Sales, however, jumped 83% to £6.4mln as revenue per contracted year increased to £82,000 during the period from £72,000 a year ago. Client renewal rates remained strong with churn rate remaining below 5%, Rosslyn said.

The company whose RAPid platform helps businesses analyse procurement data on an almost real-time basis said revenues generated from existing clients accelerated during the period, driven by broader adoption of the platform and the release of new products.

"The 2018/19 financial year is going to be a breakthrough year," Chairman John O'Hara said in a statement, adding that he expects Rosslyn to deliver a cash flow positive year and to achieve profitability.

The company said last year's acquisition of Integritie had delivered synergies of more than £0.8mln to date.

"I am pleased to report that the Group has made good progress during the financial year and has successfully integrated the Integritie acquisition. Since the year end, we have been able to secure significant client wins and aim to continue to do so for the remainder of the year,” CEO Roger Bullen said in a statement.

“Our continued development of our product set is exciting, and seeing the RAPid platform being enhanced with the Knowledge Capture toolset (KC) and being progressively embedded in a number of organisations is encouraging. We have a broad pipeline of new business and we are excited about the year ahead."

Shares in the company were 2.8% down at 8.50p in early trade.
 

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