Recovery play Imaginatik Plc (LON:IMTK) said trading began to improve towards the end of the first half of its fiscal year.
The company, which put itself in the shop window earlier this year but found no suitable buyers, said recognised revenues in the six months to the end of September dipped to £1.42mln from £1.73mln the year before.
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On the plus side, the company secured four new customers during the reporting period, most of which were contracted towards the end of the half-year period.
The software firm, which parted company with its chairman and chief executive in June, has been busy cutting costs this year and said that annualised net cost savings of £890,000 have been achieved.
The half-year loss before tax was £575,000, compared to a loss of £538,000 the year before.
Cash and cash equivalents had fallen to £14,000 at the end of September from £326,000 a year earlier but since then the company has raised an additional £550,000 through a placing of shares and another £500,000 through the issue of loan notes.
"It has been a very difficult period since the announcement of the strategic review at the beginning of 2018, as that created uncertainty in the market about the company's position,” said Simon Charles, the non-executive chairman of Imaginatik.
“The company's new management continues to align costs to revenue," he added.
Be different with Imaginatik #ContinuousInnovation pic.twitter.com/mMioOQagLX
— Imaginatik (@imaginatik) November 15, 2018
The man swinging the axe, new chief executive Angus Forrest, said, “it has been a challenging six months for the business and all associated with it, but sound progress has been made in recent months to better align the cost base with available revenues, moving the company closer to a break-even position. We must not be complacent as there remains a great deal more to be done to turn the business around, but we have confidence that this can be achieved.”
Shares in Imaginatik were unchanged.