Rosslyn Data Technologies PLC (AIM:RDT) said it increasingly confident about its future as it prepares to launch the next generation of its core product, the RAPid spend analytics platform, before the end of March this year.
In tandem with the launch of the new version of RAPid, Rosslyn will be rebranded as part of its strategy to focus on its core product, the company said in a statement.
It is looking at options for its non-core business, which may include diverstment.
"The development upgrades to our core RAPid product, together with a brand refresh, will, I believe, fully transform our business and enable us to adopt a new approach to drive scalability, broaden the number of potential users," commented chief executive Paul Watts.
"As we now enter the next phase of our turnaround project, I believe the market opportunity for Rosslyn has never been greater and am excited about what the future holds."
Rosslyn announced its results for the six months to 31 October 2021, which showed an operating EBITDA loss of £1.38mln, compared with a loss of £146,000 in the same period the year before.
Group revenues were £3.1mln, compared with £3.6mln, and annual recurring revenue was £5.3mln versus £6.2mln.
The gross profit margin was 81.7% compared with 82.2%.
Rosslyn won three major new deals during the first half, including a large sevent-figure contract with one of the largest pharmaceutical companies in the world.
READ: Rosslyn Data Technologies makes 'good progress' but says COVID-19 impacts contract lead times
Earlier this month, the company said lead times for contracts have been impacted by coronavirus (COVID-19), which means it now has a more conservative view on the outcome for the current year. It forecast full-year revenue of no less than £6mln, with annual rate recurring revenue (ARR) of at least £5.1mln and a corresponding impact on EBITDA.