Cloud company i-nexus said Wednesday annual losses doubled as revenue growth was offset by rising costs.
For the year ended 30 September 2018, pre-tax losses widened to £1.0m from £0.5m a year earlier, while revenue increased by 15% to £4.7m. Overhead increased in the year from £3.2m to £4.1m.
The company said recurring revenue as a proportion of total revenue was 82%, in-line with that from a year earlier.
In an effort to growth its US customer base, the company said it had begun the planned development work on its software and opened its first International office in New York.
Despite some higher than expected churn at the beginning of the current financial year, i-nexus said it was 'already seeing the benefit of our targeted investment with clear evidence of steady pipeline growth, in line with management expectations for the year.'
'Following a strong operational performance in the first half of FY18, the key highlight of the year was our successful admission to AIM in June and the platform this has provided the business to capitalise on the considerable market opportunity,' said Simon Crowther, Chief Executive, of i-nexus Global.
'With the support of our expanding investor base, i-nexus now has the funding to accelerate growth and take it into the next stage of its development, building on our market leading position in the emerging market for enterprise grade Hoshin-based Strategy Execution software.'