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Interim Results

Access Intelligence losses widen

25 August 2017 07:23

After-tax losses at Access Intelligence increased to £1,897,000 in the six months to the end of June - up from £1,068,000 last time.

Revenues fell to £4.1m from £5.1m and losses before interest, tax, depreciation and amortisation increased to £1.3m from £751,000.

Highlights:

- Significant improvements in both customer renewal rates and new business sales performance in comparison with H1 2016, resulting in a net £0.2 million increase in Vuelio's customer annual contract value base by May 2017 and a further £0.1 million increase by July 2017.

- Investment of £0.9 million in development of the Vuelio platform during the first six months of the year to deliver an integrated, single-platform offering for both PR and public affairs professionals.

- The sale of AIControlPoint Limited, formerly a wholly-owned subsidiary of Access Intelligence, was completed on 16 March 2017. This divestment forms a key part of the realignment of the Group's portfolio to focus on corporate communications and reputation management software.

- Cash balance at 31 May 2017 was £0.5 million (H1 2016: £2.5 million). After the period end, the Group raised a further £1.0 million through the issue of equity to institutional shareholders and management.

Non-executive chairman Michael Jackson said: "The first half of 2017 has been one of significant progress by the Group, with its realigned focus on the Vuelio brand to deliver leading corporate communications and reputation management software solutions.

"With the completion of the integration and migration programme at the end of Q1, our 2017 strategy has been largely one of consolidation, providing a foundation for incremental growth from 2018 onwards.

"We have seen significant improvement in our ability to retain business and in our success at winning new customers, clear signs that our enhanced Vuelio platform is resonating with both customers and prospects alike.

"Customer numbers and monthly revenue from continuing operations have both started to increase and management has continued to deliver significant operational improvements to ensure that the Group has a lean cost base to support growth in H2 2017 and into 2018."

Story provided by StockMarketWire.com

Related Company: ACC

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