LONDON (ShareCast) - Compliance software-as-a-service supplier Access Intelligence increased its spending on research and development, which led to increased losses but encouraging underlying results.

Turnover increased 4% to £8.4m, of which 72% was recurring revenue.

Earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 57% to £0.58m, but post-tax losses ballooned from £0.1m to £2.6m as the company upped its total technology spend from £1.9m to £4.2m, of which £17m was capitalised.

Executive Chairman Michael Jackson said: "This year we have continued to invest in the strategic development of both the company and its innovative software solutions with 49% of our revenues funding technical and R&D activities.

"During the year we have benefitted from the additional investment made during 2012 and 2013, which can be seen in the new contracts signed during 2013 and the 21% increase in revenues contracted not yet invoiced."

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