Imaginatik plc (AIM: IMTK.L) announces its unaudited results for the six months ended 30 September 2018.
Highlights in the period
- Recognised revenues of £1.42m (H1 2017: £1.73m)
- Annualised cost savings of £1.20m achieved, net savings £0.89m.
- Operating loss before foreign exchange of £0.45m (H1 2017: £0.59m)
- Cash outflow before financing reduced to £0.61m (H1 2017: £1.10m)
- Appointment of a new CEO in July 2018
- Completed fundraisings in the period to raise £0.55m gross via an equity placing and £0.50m via an issue of loan notes.
Simon Charles, Non-Executive Chairman, commented: “It has been a very difficult period since the announcement of the strategic review at the beginning of 2018, as that created uncertainty in the market about the Company’s position. Iam grateful to and would like to thank all the investors who have provided fresh equity and loan finance in the period now under review, enabling the Company to stabilise its financial position. The Company’s new management continues to align costs to revenue.”