Rosslyn Data Technologies reiterated it is starting to see the benefits of a major restructuring undertaken last year.
Revenue from all operations in the year to April 2022 was £5.9mln, in line with earlier guidance, while ongoing business generated £2.7mln with sales affected by restructuring ahead of a new platform being introduced.
Underlying losses [adjusted EBITDA] from continuing operations were £3.7mln (2021 restated: loss of £1.8mln) with cash of £882,000 at the current date and prior to receipt of sale proceeds from both Langdon Systems and Integritie.
Paul Watts, CEO, said: "During this financial year, we underwent a fundamental restructuring of our business and refreshed our product, team, brand and go-to-market strategy.
"We are now focussed on our core Rosslyn Platform, which we believe offers a best-in-class solution for procurement analytics, particularly for complex cases.
"The customer migration to our new platform is almost complete and we have been receiving great feedback, which is an excellent vindication of the investment that we have made.
"We have also secured some notable wins from our new partner-led go-to-market approach.
"This, combined with a strong pipeline and expected reduced cash burn following the disposal of non-core operations, means we are now in growth execution mode.
"Accordingly, we expect to start seeing the fruits of our investment come through in the current and next financial year, and we look forward to reporting on our progress."