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05 Feb 2019 | 09:28

Maestrano losses deepen; warns of more red ink to come

Business integration platform Maestrano Group posted a deeper first-half loss after it hired more staff and warned of a worse-than-expected performance for the full year.

Pre-tax losses for the six months through December amounted to £1.3m, compared to losses of £0.7m on-year.

Revenue rose 29% to £0.4m but total expenses jumped 88% as the company increased headcount 'to deliver major client projects and support future growth'.

Maestrano said it had taken a much more cautious approach to its revenue forecasts for 2019 after discussions with its major US bank client.

'This cautious approach is expected to result in revenue and the adjusted loss for the 2019 financial year being materially behind market expectations,' the company said.

'Notwithstanding end-user uptake taking longer than anticipated, the company's business model remains the same and the board remains extremely confident that the bank will achieve its planned end-user targets over the next three years.'

At 9:28am: (LON:MNO) Maestrano Group Plc Ord 1p share price was -2.85p at 4.9p

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