LONDON (ShareCast) - (Sharecast News) - Cloud-based enterprise data analytics provider Rosslyn Data Technologies updated the market on its trading for the year ended 30 April on Tuesday, describing the period as "one of change".
The AIM-traded firm said the acquisition of Integrite in May last year had "significantly increased" the size of the business, and delivered a number of new opportunities with group revenues for 2018 increased by 94% to £7m.

Its board said it was "pleased" with the business that it had signed during the year, although strategically, it did accept "some lower margin business" in relation to a larger contract.

Rosslyn now expected its adjusted loss before tax, excluding one off costs associated with the Integritie acquisition, to be in the region of £1.3m.

"We are pleased to report that we have completed the integration of Integritie and onboarded its products on to our RAPid Platform and, during the year, have been able to achieve synergies in excess of the circa £0.85m, that we expected at the time of acquisition through both cross selling and operational efficiencies," the Rosslyn board explained in its statement.

"Furthermore, we have reduced the group's cost run rate to approximately £7.2m and have identified means to reduce this still further."

The company ended the year with net cash balances of £0.3m, in line with the end of the 2017 financial year.

It said it continued to manage its cost base, and as at 22 June its net cash balance was £0.7m with the firm saying it was on track to achieve cash flow break-even during the current fiscal year.

"The acquisition of Integritie allowed us to increase our offering to the market, whilst providing access to new technologies, introduce automated processes and improve our artificial intelligence and our natural language processing capabilities across our data analytics suite," said CEO Roger Bullen.

"We have continued to make our products a scalable, repeatable and cost effective solution for our clients, and have made the products easy to configure and to implement.

"We have introduced new and simple methods for our clients to implement our products and have made many of the functions, self-service, enabling us to reduce our cost base and to improve the client interaction and adoption."

Bullen said the firm was continuing to invest in the development of its team, ensuring that its product offering remained "market-leading" and that it was providing "the highest levels" of service possible to clients.

"I am delighted that our revenue base and our cost base are very closely aligned at the year end.

"This enables us to look to the future with huge optimism.

"Combining this with the broad pipeline of new business we can see, and the feedback regarding the number of opportunities being provided by our current client base we are extremely excited about the year ahead."

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