Maistro PLC – Final Results
The Board is pleased to report continuing material improvement in revenue performance, which increased by 154% when compared to 2017. Revenue growth has been driven by the increasing adoption of services by Multinational Enterprises enabling Maistro to drive operational efficiencies against a background of stringent cost control.
The adjusted EBITDA loss increased 1% to £2.11m (2017: £2.08m) due to increased investment in business development activities which has significantly contributed to the revenue growth in 2018.
The Group has increased its investment in its PaaS (“Procurement-as-a-Service”) Platform with the implementation and continued investment in its “AI” technology to further drive operational efficiencies.
To support this investment, the Board successfully raised £2.1m net after issue costs, receiving £1.2m during 2018 and £0.9m in January 2019.
As disclosed in the Interim Results, the Board concluded in 2018 that the reporting currency of the Group has been changed to GBP Sterling from US Dollars to provide greater transparency in the operating results of the Group.
In relation to strategic and operational highlights, the successful re-branding of the business was completed in January 2018. The Group appointed Ian Cleverly to the Board as Chief Financial Officer on 9 April, and appointed PricewaterhouseCoopers as its auditors.
The Board is encouraged by the Group’s performance for the year ended 31 December 2018 and continues to invest in its PaaS Platform and business development team in order to further drive revenue growth, improve gross margins and deliver value to its customers.
Summary Financial Highlights
|
Measure |
2018 |
2017 |
Year |
|
|
£ |
£ |
% |
|
Revenue |
1.50m |
0.59m |
154% |
|
Gross profit |
0.13m |
0.10m |
30% |
|
Adjusted EBITDA** |
(2.11)m |
(2.08)m |
1% |
|
Loss for the period |
(2.91)m |
(2.25)m |
29% |
|
Cash balance at period end |
1.1m |
2.45m |
(56%) |
** Adjusted EBITDA is loss before interest, tax, depreciation and amortisation, foreign exchange movements and share option costs. EBITDA is a key monitoring tool used by the Board to monitor underlying trading performance while excluding the impact of non-trading items which may, due to one off adjustments, materially impact reported performance. (In 2017 this specifically referred to a material share based payment credit generated by the departure of the Board of Directors and subsequent forfeiture of their share options, and foreign exchange movements, which are deemed outside the scope of measuring underlying performance. There were no such one-off adjustments in 2018).