Imaginatik Plc Final Results

Imaginatik Plc Final Results

Imaginatik plc, a leading provider of innovation management software and consultancy, announces its unaudited preliminary results for the year ended 31 March 2011.
 
Summary
Re-organisation of the business largely completed in the second half of the year
Results for the year in line with management's expectations:

  • Revenues £2.85 million (FY 2010: £4.55 million)
  • Costs (before share based payments) reduced by 12% to £5.1 million (FY2010: £5.8 million)
  • Operating loss before tax £2.41 million (FY 2010: £1.43 million)
  • Cash at period end of £0.47 million (31 March 2010: £1.51 million).

Increase in new customer momentum in second half with number of significant contract wins including MedCo, Yara, Argo Insurance and Lubrizol.

  • Post year end contract wins with Cotton, Inc. and Cementos Argos

All contracts reaching end-of-term since June 2010 have renewed bar one, demonstrating the value customers place on the services Imaginatik now provides.
Increasing number of pilot contracts now being signed, providing strong sales pipeline for the coming year and beyond.
Over £2.6 million of revenue visibility for FY 2012 (£2.3 million as at 31 March 2010 for FY2011) underpinning a substantial part of fixed overheads.

Matt Cooper, Executive Chairman of Imaginatik, commented:
"These results are a reflection of the significant reorganisation which was required at Imaginatik. We have spent considerable effort in the past year rebuilding the Company with particular attention to the sales team and refocusing the business. We believe we now have in place both a strong team and a product offering with which to capitalise on the growing opportunities in our market. These strengthened fundamentals combined with over 40 global customers providing revenue visibility of over £2.6m for the year ahead, gives us confidence in the future of Imaginatik."

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