Partnerships offer new revenue to Atlantic Global
ATLANTIC Global is hoping to benefit from new partnership deals as it looks to turn around pre-tax losses of £220,000 announced this morning.
The business software company has signed a new agreement with a partner in the Middle East and new marketing initiative with Baker Tilly Revas, the back office outsourcing division of Baker Tilly.
Atlantic Global reported a fall in turnover from £1.4m to £1.2m and an increase in pre-tax losses from £130,000 to £220,000 for the year to the end of 2010.
Chairman Adrian Bradshaw said the company did not believe its results for 2010 reflected the “solid underlying commercial progress made by the group”.
He said Atlantic Global had already secured around 69% of its budgeted support revenue for 2011 while contracts for its “OnDemand” product had increased by 180% in 2010.
“The group has made significant investments across all areas of the business and has secured over 300 trials of its new Software as a Service product. Based on the increased level of customer IT spend and improved economic trading conditions the board has full confidence that the current year will show an improvement on 2010. “
Speaking to TheBusinessDesk.com this morning, finance director Rupert Hutton said the company had enjoyed a “strong start” to the year.
He said there was evidence that companies had taken a “make do and mend” approach to their software needs during the recession but they were now starting to review that position.
On the new partnership agreements, he said: “In the years I have been here we have never had a penny come from any partner so this is important but it is still early days and it will take time to build revenue streams.”
