AIQ Ltd on Friday reported significant revenue growth and narrowed loss due to contract delivery and tight control over costs.

Shares in AIQ were up 75% at 14.90 pence in London on Friday.

For the six months ending April 30, the Cayman Islands-based firm reported a sharp increase in revenue to £361,000 from £12,000 the year before, as it fulfilled a £331,000 contract to supply decentralised finance exchange to an Australia-based company.

In addition, AIQ was awarded a £10,000 contract to supply a non-fungible token marketplace for educational applications in Hong Kong, as well as further £19,000 from IT projects.

The company reported a substantially narrowed loss before tax to £202,000 from £915,000 a year prior, which can be attributed to cost saving action and a gain on foreign exchange of £70,000 compared to a £138,000 loss the year prior.

Looking forward, AIQ expects annual revenue to be significantly higher as it continues to maintain tight control on costs and fulfil contracts. However, as most of a contract was delivered during the first half, the company expects second-half revenue to be lower, it noted.

‘The board continues to closely monitor the progress of the group and evaluate opportunities for generating value for shareholders,’ AIQ said.

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