OneView says results lower than desired after first-half loss

OneView said its results were worse than it would like due to long contract lead times as it posted a $2.1m (£1.6m) first-half loss from operations.

The provider of digital services for retailers said a £3.9m fundraising in July had left it free of debt but that, with limited working capital, it relies on shareholder support.

The $2.1m loss from operations for the six months to the end of September narrowed from $2.3m a year earlier. Including $395,000 of fees related to the fundraising, the pre-tax loss widened to $2.7m from $2.4m.

Revenue rose to $1.8m from $1m as the company added $721,000 of recurring revenue from customers such as Travis Perkins, Molton Brown and Carhartt.

Chairman Michael Jackson said: "The financial results, as described in the CEO report, are lower than we would like them to be due to the long lead times in winning new contracts. However, the company is confident that improvements will follow as further new business is won."

OneView sells services to retailers to let them exchange information about point of sale, inventory and other measures between physical and digital stores.

Stuart Wilson, OneView's chief executive, said: "The pipeline of new opportunities is solid although the precise timing of closure of new business remains difficult to forecast […] Whilst the company has limited working capital and remains reliant on continued support from its shareholders the board views the future with cautious optimism."