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E-commerce services provider Attraqt warned on its outlook after reporting wider losses as revenue growth was offset by costs related to the Early Birds acquisition.
'Whilst we continue to be comfortable with our expectations for new bookings in 2020, with c. 20% year on year growth, given the revenue recognition profile of SaaS deals we are prudently reducing our market expectations for the full year at this early stage,' the company said.
The warning came as the company said it was unable to accelerate the close of sufficient deals in January and February to offset bookings shortfall seen in the second half of 2019.
The company said it expected to see a double-digit growth in its 2020 exit annual recurring revenue rate.
For the twelve months ended 31 December 2019, the company reported a pre-tax loss of £4.4m, compared with a loss of £2.7m on-year, while revenue was up 13% to £19.4m.
The loss was blamed on £1.5m of exceptional costs related to the Early Birds acquisition.
SaaS revenue was up 16% to £17.7m and services revenue decreased 11% to £1.7m.
'To date the company has not experienced a direct impact from the coronavirus outbreak and it is difficult, at this time, to make accurate predictions regarding the spread of the virus or its impact on the company's customer base,' it added.
At 9:14am: (LON:ATQT) Attraqt Group Plc share price was -6.5p at 32.5p