KRM22 PLC (LON:KRM) has hailed “significantly improved” losses for 2020 as the firm managed to increase its revenues despite challenges during the year.
In its results for the year to December 31, 2020, the risk management software specialist reported an adjusted EBITDA loss of £0.2mln, narrowed from a £3.1mln loss in the prior year, while revenues rose to £4.6mln from £4.1mln and annualised recurring revenue (ARR) was steady at £4.3mln.
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New contracted ARR during the year stood at £0.8mln, while the company also reported a net increase in cash of £0.9mln compared to a £2.3mln outflow in 2019.
Looking ahead, KRM22 said it has entered the new financial year “stronger than last year” and that it is confident of continuing growth and “delivering market expectations”.
“2020 was a challenging year but we made good progress with new customer wins, improved quality of the customer base, the expansion of the Global Risk Platform (GRP) and a significant reduction in the adjusted EBITDA loss. We now have a strong sales pipeline and suite of risk products on the GRP that will be the springboard for our future growth and delivery of the market expectations”, the company’s chief executive and chairman Keith Todd said in a statement.
KRM22 shares were steady at 44p in early deals on Tuesday.