ATTRAQT Group's total revenue grew by 25% to £1.7m in the six months to the end of June (H1 2015: £1.34m) in line with management expectations and reflecting the continued success of sales and production.
The recurring monthly revenue also rose by 27% from £1.24 in H1 2015 to £1.57m leading to an increase in the Exit Rate for H1 2016 (i.e. period end annualised billing) of 31% to £3.38m (H1 2015: £2.58m).
The company's EBITDA loss position was £0.78m (H1 2015: £0.18m), in line with management expectations.
At the same time, the group marginally grew gross margin to 86% (H1 2015: 85%). The company continues to invest in technical enhancements to its existing product offering and in new products. Some of this cost is capitalised but much is absorbed as part of the operating costs of the business. The cash balance at the end of the period was £1.8m (H1 2015: £0.19m).
Chief executive Andre Brown said: "I'm pleased to report, following the successful £3.3m fundraising in November 2015, ATTRAQT has continued to grow both its revenues and client base in the UK and North America, whilst at the same time marginally growing gross margin. We have signed 22 new deals in the period, including several marquee retailers and have delivered a 25% increase in revenue in H1 2016.
"With an exit rate of £3.38m, good growth in recurring revenue, a 193% growth in revenue from North America as a consequence of our investment in this region, significant client wins post-period end and a strong sales pipeline for H2 2016, we are confident in the continued success of ATTRAQT for the rest of 2016 and the foreseeable future."
At 9:55am: (LON:ATQT) Attraqt Group Plc share price was +5.5p at 46.5p