By Iain Gilbert
Date: Thursday 24 Oct 2019
LONDON (ShareCast) - (Sharecast News) - Cloud-based software solutions provider I-Nexus Global said on Thursday that it still expects underlying losses to be in line with previous expectations despite lower-than-anticipated revenues.
I-Nexus said it expects total recognised revenues for the year to come to £4.8m, down from the £4.7m recorded a year earlier.
However, it also said that thanks to careful management of its rate of investment in the second half, earnings before interest, tax, depreciation and amortisation and pre-tax profits are set to be in line with previous forecasts of around £4m and £4.2m, respectively.
Monthly recurring revenues rose slightly from £335,000 to £340,000.
The AIM-listed group also benefitted from a substantial increase in upsells to existing clients during the period, which helped offset slower-than-expected new deal conversion.
Chief executive Simon Crowther said: "A combination of factors have resulted in sales being weaker than originally anticipated, leading to a disappointing revenue result.
"While this is frustrating, we have taken swift remedial action and, as a result, delivered EBITDA in line with our prior expectations."
As of 1020 BST, I-Nexus shares had climbed 6.96% to 24.60p.
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Currency | UK Pounds |
Share Price | 2.75p |
Change Today | 0.000p |
% Change | 0.00 % |
52 Week High | 4.90 |
52 Week Low | 2.25 |
Volume | 174 |
Shares Issued | 29.57m |
Market Cap | £0.81m |
RiskGrade | 605 |
Value |
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Price Trend |
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Income |
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Growth |
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No dividends found |
CEO | Simon Peter Crowther |
CFO | Drew Whibley |
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