Imaginatik sees full-year losses ease as new clients sign-on

Boston, Massachusetts based innovative solutions firm, Imaginatik released its full-year numbers on Monday, highlighting continued efforts in product development and when it came to growing its addressable market by developing its partnership channel.

The company posted an after tax loss of £550,000, an improvement on last year's -£800,000, for a per share loss for the period of 0.57p, which was significantly improved on last year's loss of 1.15p.

Recognised revenues remained unchanged at £3.9m for the year ending 31 March.

Continued expansion in Imaginatik's technology and consultancy offerings was made possible by £1.67m in gross proceeds from a fund-raising round in June via a share placing.

Matt Cooper, non-executive chairman, commented: "This has been a year of good progress as we continue to position the business to capitalise on the growing market opportunity available. We have delivered results broadly in line with market expectations, resulting in improved financial strength as we make further progress toward break-even. We continue to invest in the business to add new capabilities to our consulting and technology offerings and expand our addressable market through the development of our partnership channel."

In addition to 15 new customers subscribing to Imaginatik - 11 of which signed on in the second half, amid increased momentum - several partnership agreements were signed throughout the course of the year, resulting in significantly expanded market reach including thanks to a strategic partnership with a North American digital technology company.

Reported gross profits were up by 1.62% on last year on a before tax basis to reach £3.72m with its cash balance improving from £20,000 to £120,000.

"We are encouraged by the development of the sales pipeline arising as a result of the newly developed partnership channels. Whilst we are mindful of the task ahead, we remain optimistic about the Group's growth prospects," said Cooper.

As of 1225 BST, shares had seen a slight dip down to 1.85p from 2.00p.