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Annual Results

365Agile losses widen

06 June 2016 07:51

365Agile Group posts a pre-tax loss of GBP2.1m for the year to the end of December - up from GBP51,000 last time.

Revenues rose to GBP1.6m - up from GBP2000 in 2014.

As a software and technology business gross margin is high at 88%, generating a gross profit of £1.4 million (2014: £2,000). 365Agile said adjusted EBITDA for the period, a profit of £0.1 million (2014 loss of £0.1 million) reflected the normalised trade of the group in a year of significant change and was generated after incurring administrative expenses relating to trading activities of £1.3 million in the year (2014: £0.1 million). Further non-trading and exceptional expenses (classified as 'administrative expenses') were incurred in respect of the deemed reverse acquisition costs explained above (£0.9 million), the actual costs in respect of professional fees for the reverse acquisition and the other acquisitions in the year (£0.7 million), integration and restructuring costs (£0.2 million) and the share-based payments charge (£0.1 million).

No equivalent costs were incurred in 2014. After accounting for depreciation and amortisation charges resulting from the acquisitions (£0.4 million, 2014: £nil) a loss before taxation of £2.1 million (2014: £0.1 million) was incurred. The tax credit for the year was £0.1 million (2014: £nil) leading to a loss after tax of £2.0 million (2014: £0.1 million).

Non-executive chairman Clive Carver said: "This has been a year of change for the 365 Agile Group. The Board is excited by the multiple prospects afforded by the Internet of Things space and we continue to assess the options in front of us, supported by the financial security brought by our revised licencing agreement with Castleton Technology." The group also announced that its annual general meeting will be held at the office of DAC Beachcroft LLP at 100 Fetter Lane, London EC4A 1BN, on 29 June at 9.00 a.m.

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