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i-nexus Global PLC - Coventry, England-based software company - For the half-year ended March 31, pretax loss narrows to £343,094 from £426,756 a year ago. Revenue however falls 25% to £1.5 million from £2.0 million. Recurring revenue stands lower at £1.4 million versus £1.8 million a year ago. ‘This reduction in recurring revenue reflects the exceptional level of churn experienced in financial year 2021,’ the firm explains.
Administrative expenses decrease to £1.4 million from £2.0 million. Cash balance falls to £694,202 at March 31 from £811,768 a year ago. However, cash balance at the end of March is higher than £575,203 as at September 30, 2021.
The company's expected net retention rate for financial 2022 rises to 94% from 73% during financial 2021 as more customers renew their contracts. ‘The growth in our customer base and the steady increase in recurring revenues, means we look to the future with confidence,’ Chief Executive Officer Simon Crowther says.
Current stock price: 5.00 pence, down 31% on Monday
12-month change: down 67%
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