Rosslyn Data Technologies plc has reported improved results following a restructuring last year.
The Portsmouth-headquartered company, which has a base in the US and has developed a cloud-based enterprise data analytics platform, generated revenues of £2.9 million for the year ending 30th April 2023.
Of these, £2.6m are recurring on an annual basis, compared with £2.2m in the prior year.
In November Rosslyn sold subsidiary company Integritie to EnChoice for £3m to focus on its core analytics platform. This has seen the group’s monthly cash burn reduced to approximately £190,000 from £270,000 in 2022, with cash at the year ended expected to be £800,000.
In the year to date, the company has secured six new contracts with a total contract value of £1.9m and says it is in the latter stages of negotiations with regards to several other contracts.
Having expanded its professional services team and invested in technology, EBITDA loss for FY2023 is expected to be £2.4m (2022: £3.9m loss).
Rosslyn also expects to imminently receive a £382,000 R&D tax credit for the financial year ended 30th April 2022.
“This has been a milestone year for Rosslyn as we completed a fundamental transformation and reintroduced ourselves with a new strategy,” said CEO Paul Watts.
“The response from our clients and marketplace has been excellent and we are receiving growing demand for our best-in-class procurement analytics solution – both from new and existing customers as they increasingly discover the value that our platform offers.
“While we have made some investment to be able to capitalise on this demand, we have been able to deliver improvement against all our KPIs, including a substantial reduction in cash burn.
“Accordingly, we are pleased with the progress to date and look forward to continuing to execute on our strategy.”