Maestrano FY pre-tax losses widen as expenses rise

15th Jul 2021 08:19

(Sharecast News) - Software firm Maestrano Group said on Thursday that full-year pre-tax losses had widened in the twelve months ended 30 June as a result of higher expenses.
Maestrano said pre-tax losses were £1.26m for the period, a 31% widening year-on-year, driven by a 44% increase in total expenses to £2.81m due to the need for additional hardware and software engineers and market development staff.

On the other hand, revenues actually increased 92% year-on-year to £1.67m despite "challenges" related to the Covid-19 pandemic.

Cash balance and receivables were £2.16m as of 30 June.

Chief executive Nick Smith said: "The success of our move to international markets is reflected in the near-doubling of year-on-year revenue and strong demand for our unique AI capabilities for processing railway LiDAR data. As collected data grows, our AI training models become even more precise and our competitive advantage increases.

"With our pipeline of new opportunities and the recent breakthrough in the USA, we are confident of continuing growth in FY22."

As of 0815 BST, Maestrano shares were down 5.38% at 11.0p.