Access Intelligence, a leader in corporate communications and reputation management software, announced significant improvements in both customer renewal rates and new business performance, albeit alongside a sharp fall in revenues.
Over the six months ending 31 May, the company increased the customer annual contract value base of its Vuelio platform by a net £0.2m and by a further £0.1m increase by July, thanks to significant improvements in both customer renewal rates and new business sales performance.
That followed an investment of £0.9m in the company's Vuelio platform during the period, which delivered an integrated, single-platform for both PR and public affairs professionals, reported the company.
Despite that revenues retreated from £5.14m to £4.13m, although EBITDA improved from £751,000 to £1.2m.
Yet the company's after tax losses swelled from -£87,000 in the same period of 2016 to -£1.16m, for a basic loss per share from continuing operations of -0.4p
Meanwhile, the company's cash balance on the other hand fell to £0.5m from £2.5m in the same period of one year ago, but was supplemented by a £1.0m of fresh funds post period-end via the issue of equity to institutional shareholders and management.
In other corporate developments during the period, in mid-March Access completed the sale of AlControlPoint, a former wholly-owned subsidiary.
Michael Jackson, the non-executive chairman of Access Intelligence, said the results showed a significant improvement in the company's ability to retain business.
"With the completion of the integration and migration programme at the end of Q1, our 2017 strategy has been largely one of consolidation, providing a foundation for incremental growth from 2018 onwards. We have seen significant improvement in our ability to retain business and in our success at winning new customers, clear signs that our enhanced Vuelio platform is resonating with both customers and prospects alike," he said.
The company's shares
were flat at 4.13p by 11:18 BST.