KRM22 PLC (LON:KRM), the risk management platform developer, said it has a strong pipeline of new contracts but is being held up by delays in signing off by tier one banks.
Some £0.6mln of annual recurring revenues with agreed contracts are awaiting signature by customers plus a further £0.2mln in final discussions ahead of contract negotiation.
Keith Todd, the executive chairman, said: "The company has made progress but it has been frustrating that some contracts were not signed in the period.
“The outlook for the second half and future remains positive. We have suffered from delays in tier one bank signings which is frustrating but unfortunately not uncommon."
Revenue for the six months to end June 2021 is expected to be £2.2mln (£2.3mln), with annual recurring revenues running at £3.7mln (£4mln) currently.
The group expects to post an unchanged interim underlying loss [adjusted EBITDA] of £0.3mln, with a cash balance at the end of the period of £1.3mln.
KRM22 added it had also been transitioning its historic ARR (annual recurring revenue) contracts to a longer-term Master Services Agreement and these, together with new business wins that are also contracted under an MSA, now represent 55% of total ARR.
“There is no doubt that the Global Risk Platform, integrating risk functionality, provides customers with valuable options as it reduces their cost and complexity of risk,” said Todd.
“The company continues to build a higher quality of customer base, better aligned with our strategy."