Imaginatik expects lower H1 loss

Imaginatik expects to report a significantly reduced loss after tax of £0.26m (2015: £0.41m) for the six months to the end of September.

The company says approximately half of the loss is attributable to adverse foreign exchange movements arising as a result of the strong US dollar.

Recognised revenues are expected to be approximately £1.84m for the period (2015: £1.96m) with overall bookings of £1.95m (2015: £2.25m).

It says this bookings figure contains a number of multi-year contract renewals, which provide the company with a good level of cash flow into the second half of the year. Four new customers were added in the half, including a global supplier of railroad and transit system products and services, a US-based worldwide healthcare company, a global medical company specialising in eye care, and a provider of engineering, consulting and project management services for infrastructure projects.

It says each of these new global customers provides an opportunity for future revenue growth. The company says it has now begun the investment of the funds raised via the institutional placing and open offer completed in June.

Imaginatik is investing in its sales resources and technology suite to provide an ever more comprehensive platform for future growth. The strength of its consulting division continues to act as a strong differentiator in the innovation industry. The company says it has entered the second half of the year with a healthy pipeline of new business opportunities.

Non-executive chairman Matt Cooper said: "We have enjoyed a steady first half of the year, substantially reducing trading losses while once again securing a good level of customer renewals and new customer wins. Having built a unique offering within the international innovation marketplace we are confident we have the foundations in place for future success."

The company expects to report interim results on 6 December.

At 9:09am: (LON:IMTK) Imaginatik PLC share price was +0.25p at 1.88p