Rosslyn Data narrows losses as revenues improve

26th Nov 2018 10:00

(Sharecast News) - Data analytics outfit Rosslyn Data Technologies saw first-half losses narrow thanks to improved revenues and lower operating costs.Rosslyn saw pre-tax profits for the six months ended 30 October come in at £840,954 - a marked turnaround from the £1.97m loss reported a year earlier.The AIM-listed firm, which saw revenues rise 11% to £3.5m, turned in an 81% narrowed LBITDA of £213,477, with the change principally being driven by a 14% reduction in operating costs.Annual recurring revenues increased 12% to £5.05m, while average contract values picked up 7% to £85,400 per annum.Rosslyn now expects product launches planned across the 2019 calendar year to provide its sales staff with opportunities to expand revenues with prospective and existing clients.Chief executive Roger Bullen, said: "We have continued to focus on reducing our cost run rate, and our expectation remains that by the end of this financial year the run rate will be below that of our average monthly revenues.""This combination of progress, innovation and opportunity does, we believe, put the company in an exciting position for the rest of this year and beyond."As of 1000 GMT, Rosslyn shares had slipped 1.69% to 7.25p.