Rosslyn Data Technologies plc has reported improved results following a restructuring last year.
The Portsmouth-headquartered company, which has a base in the US and has developed a cloud-based enterprise data analytics platform, generated revenues of 拢2.9 million for the year ending 30th April 2023.
Of these, 拢2.6m are recurring on an annual basis, compared with 拢2.2m in the prior year.聽
In November Rosslyn sold subsidiary company Integritie to EnChoice for 拢3m to focus on its core analytics platform. This has seen the group’s monthly cash burn reduced to approximately 拢190,000 from 拢270,000 in 2022, with cash at the year ended expected to be 拢800,000.
In the year to date, the company has secured six new contracts with a total contract value of 拢1.9m and says it is in the latter stages of negotiations with regards to several other contracts.
Having expanded its professional services team and invested in technology, EBITDA loss for FY2023 is expected to be 拢2.4m (2022: 拢3.9m loss).聽
Rosslyn also expects to imminently receive a 拢382,000 R&D tax credit for the financial year ended 30th April 2022.
“This has been a milestone year for Rosslyn as we completed a fundamental transformation and reintroduced ourselves with a new strategy,鈥� said CEO Paul Watts.聽
鈥淭he response from our clients and marketplace has been excellent and we are receiving growing demand for our best-in-class procurement analytics solution – both from new and existing customers as they increasingly discover the value that our platform offers.聽
鈥淲hile we have made some investment to be able to capitalise on this demand, we have been able to deliver improvement against all our KPIs, including a substantial reduction in cash burn.聽
鈥淎ccordingly, we are pleased with the progress to date and look forward to continuing to execute on our strategy.”