Access Intelligence boosts revenue but widens loss as restructure continues

17th Aug 2016 10:49

(ShareCast News) - Reputation and operational risk management software supplier Access Intelligence announced its unaudited half year results for the six months to 31 May on Wednesday, with revenue from continuing operations increasing to £5.5m from a restated: £2.0m in the first half of last year.The AIM-traded company said this reflected the acquisition of the trade and assets of Cision UK and Vocus UK.Revenue from existing continuing operations increased more modestly to £2.1 m.Contracted revenue not yet invoiced from continuing operations rose to £4.3m, from £3.4m, including the impact of the acquisition, with contracted revenue not yet invoiced from existing continuing operations decreasing to £2.7m.The company's loss before taxation from existing continuing operations was £0.7m, widening from £0.5m, while the acquisition contributed a further £0.5m loss, resulting in a total loss from continuing operations of £1.2m.Cash stood at £2.5m on 31 May, up from £1.7m a year earlier, following the proceeds from the disposal of Due North and the repayment of £0.9m of loan notes."The first half of 2016 has been a pivotal period for Access Intelligence, as the group has continued to integrate the businesses of Cision UK and Vocus UK with its existing Vuelio operations as part of its strategic focus on reputation software," said non-executive chairman Michael Jackson."The acquisition has increased the group's H1 revenue from continuing operations by £3.5m.He said the group's strategic focus also prompted the divestment of the e-procurement solution provider Due North in February 2016 and, subsequent to the balance sheet date, Access Intelligence secured significant investment into AITrackRecord through reducing its shareholding to 20%."Following the 2016 divestments, the group has undertaken a significant restructuring of its operations to reduce costs and to allow focus on its core business with a view to improving performance in 2017," Jackson added.