Outsourcery on track despite £4.6m loss

OUTSOUCERY, Piers Linney’s cloud computing firm, has reported a £4.6m interim loss but is confident it will start generating revenues from its larger clients later this year.

In the year to June revenue was up 23% to £2.1m but pre-tax losses were static at £4.6m. Earnings before interest, tax, depreciation and amortisation, adjusted for finance costs, came down from £3.8m to £3.2m.

Outsoucery works with major bluechips including Vodafone, Virgin Media Business, BT, HP and Atos to enable these and other partners to deliver cloud services to their end-customers. In May is raised £13m by floating on the Alternative Investment Market.

Mr Linney said: “This has been a period of significant development and progress for us as we consolidate our first mover advantage and broaden and deepen our reseller partner relationships.  

“Our IPO has had a materially positive impact on our growth potential in a rapidly evolving market as we establish ourselves as the ‘go to’ cloud service provider.

He added: “A number of our large strategic partners will commence revenue generation during the last quarter and we remain on track to achieve our revenue growth target for the full year whilst being highly confident about our growth prospects for 2014.”