What Rosslyn does
Rosslyn Data Technologies PLC (LON:RDT) provides data management and analytics services to businesses through RAPid, a platform that automatically extracts, aggregates, improves and organises data and documents for analysis.
The company also has a research arm, RAPid Labs, which works with both private sector organisations and universities to develop new technology projects covering a wide range of areas including machine learning, cognitive computing, and predictive analytics.
How it's doing
In its results statement covering the half-year to the end of October, the company revealed its revenue declined to £3.12mln from £3.53ln in the same period of last year, reflecting the strategic decision to eschew low-margin business. The gross margin improved to 81.2% from 78.4% in the first half of the previous year.
The top-line may have headed south slightly but since the end of the reporting period sales growth has been significant, resulting in a 25.5% increase in the contract revenue backlog to £6.4mln from £5.1mln at the beginning of May last year.
Annual recurring revenue carried forward increased by 18.8% to £6.0mln from £5.0mln a year earlier.
The loss before income tax widened slightly to £1.0mln from £841,000 the previous year while the operating loss before interest, tax, depreciation and amortisation narrowed to £155,000 from a loss the previous year of £213,000.
Rosslyn ended the period with £499,000 of cash following the draw-down of a £500,000 loan and the repayment of loans during the period of £722,000.
Later in May, the company raised £7.3mln in a heavily oversubscribed placing to strengthen its balance sheet against possible coronavirus (COVID-19) pandemic disruption.
- In January won two large contracts with a minimum combined contract value of £0.9mln over their minimum term
- Brexit work helps revenues at Landon pick up
- Continues growth in licence fees
- New contracts as use of Big data gathers pace