(Alliance News) - Access Intelligence PLC on Monday reported nearly doubled annual revenue and a narrowed loss, though costs increased amid the cost of living crisis in the UK.
The London-based software-as-a-service products provider said in the financial year to November 30, its pretax loss narrowed to GBP7.5 million from GBP9.6 million a year prior. Revenue jumped 97% to GBP65.7 million from GBP33.3 million, as the company hailed new client wins in the Europe, Middle East & Africa region and in North America.
Recurring administrative expenses however stretched 86% to GBP47.5 million from GBP25.6 million, while cost of sales increased 93% to GBP15.9 million from GBP8.2 million.
The company said it expects no impact from the collapse of the Silicon Valley Bank a month ago.
Chair Christopher Satterthwaite said: "Following the loosening of Covid-19's stranglehold in 2022, global economies were faced with the inevitable aftermath. In every major market this struggle was immediately compounded by war, political upheaval, interrupted energy supplies and the cost-of-living crisis. The impact has been felt by both businesses and individuals alike, with complex challenges for marketing and PR teams across public and private sector organisations."
Access Intelligence shares were 0.6% lower at 79.00 pence each on Monday afternoon in London.
By Tom Budszus, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
