Rosslyn Data Technologies' PLC (LON:RDT) pipeline of new opportunities is “healthy” and the values of potential contracts is “larger than we have done in the past”, according to chief executive Roger Bullen.
He was providing an update on the outlook for the company alongside interim results.
While there was a cautionary line on the timing of new business – the coronavirus pandemic and deal size being the main drags – the Rosslyn CEO was upbeat on prospects for the year.
“We remain confident that, supported by strong contracted revenue visibility and renewed business momentum, we will continue to build on the solid progress and foundations laid during the first half of the year,” Bullen added.
For the six months to October 31, 2020, the enterprise data specialist posted revenues of £3.6mln, up £500,000 from the year earlier. The gross margin was an impressive 82.2%. The underlying (EBITDA) loss, meanwhile, narrowed marginally to £144,000.
Annual recurring revenue rose £2000,000 to £6.2mln and the company raised £6.8mln in May, putting it on a sound financial and priming it for future growth. Cash at the period-end was £7.23mln.
"I am delighted with how the business has performed during these challenging times and we remain confident in the performance of the business for the full year,” added Bullen.
“Additionally, having been able to accelerate our investments into sales and marketing gives us a significant opportunity to achieve higher growth rates next year and beyond."
Rosslyn recently launched CustomsCloud, which enables importers to manage the additional customs procedures resulting from the UK's departure from the European Union.