Access Intelligence looks to future growth
ACCESS Intelligence today announced increased half-year losses on flat revenues but said investment in innovative products will deliver long-term success.
The York-based software firm said that pre-tax losses more than doubled to £68,000 in the six months to May 31 on revenue that increased slightly from £4.139m to £4.184m.
Access Intelligence is a supplier of software-as-a-service (SaaS) products for governance, risk and compliance systems within businesses.
It said recurring revenues increased to offset reduced professional services revenues due to staff being deployed on internal development projects and contracted revenue not yet invoiced is up 22% to £6.7m.
Deferred revenue of £3.1m is similar to the same period last year taking total revenue yet to be recognised in the income statement to £9.8m.
During the period it appointed Joanna Arnold as chief executive with Michael Jackson moving to be non-executive rather than executive chairman.
The company had £1.1m in the bank at the half year end, around half the figure of last year, after investing in new development over the last six months.
Michael Jackson, non-executive chairman, commented: “Access Intelligence continues to drive long term shareholder and customer value through its strategic investment in product innovation. In the first half of 2014, we achieved our key development milestones on all projects as well as receiving positive feedback from early client engagements. By combining our solutions onto a shared technology platform, we are able to deliver our brands to blue chip customers on a departmental and enterprise-wide scale.
“Our Centre of Excellence in York provides Access Intelligence with the platform and scalability to continue to expand our reputation and position in the governance, risk and compliance marketplace.”
