Imaginatik PLC – Final Results

Imaginatik PLC – Final Results

Imaginatik plc (AIM: IMTK.L), the #1 ranked leader in corporate innovation management according to Forrester Research, announces its audited results for the financial year ended 31 March 2018. 

Financial & Operational Highlights

  • Gross bookings increased 12% to £3.6m (FY17: £3.2m*)
  • Recognised revenue of £3.68m (FY17: £3.92m)
  • Loss before tax £1.35m (FY17: £1.06m), increased in the year due to the impairment of intangible assets of £0.47m (FY17: £0)
  • Raised £1.31m net of expenses via a placing of equity (FY17: £1.55m)

** At constant currency, US$ to £ exchange rate of 1.3979 as at 31 March 2018

Post period end

  • Implementation of Strategic Review
  • Change of Board, appointing a new Chairman and CEO
  • Additional funding of £0.47m secured via two share placings, and a further £0.08m via a debt for equity swap
  • Secured a loan of £0.50m from VM AV Corporate Services Limited
  • Discussions ongoing with an investor to make a controlling equity investment

Strategic Review

  • Cost reductions have reduced the break-even point by approximately £1.0m per year, approximately 25% of the overhead base, without any adverse effect on the business.
  • Revenue generation – new marketing methods, clear sales targets and a greater focus have been introduced to the benefit of sales
  • Management – there has been focus on leadership, communications and with greater accountability – targets have been agreed and will be measured against

Angus Forrest, CEO, commented, Imaginatik has a market leading product with many satisfied customers and employs great people who have a passion for the business. The challenge for the year ahead is to build on the strong base in the existing markets and then build out globally. On behalf of the Board I would like to thank shareholders for their support and interest, and all of our employees for their dedication, hard work and patience with the changes being implemented. Whilst we have made considerable progress, there is much to do for the Company to begin to achieve its undoubted potential and we will work to exploit the opportunity profitably.”

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