Revenues fall at Coventry software company, but directors cautiously optimistic

I-Nexus

Coventry software company i-nexus Global plc  has reported a drop in revenues in the year ended September 30. Group revenues was down to £4.08 million from £4.76 million last year, but the company’s losses before tax were reduced to £2.38 million, down from £4.33 million in the previous year.

Simon Crowther, Chief Executive, of i-nexus Global plc, said: “Our sales pipeline continues to develop with solid new opportunities being created monthly, however conversion on a timely basis is an ongoing challenge with Covid-19 still a factor. We have seen some initial success in recent months; closing a deal via a channel partner and a major contract extension with an existing customer. Our strategic focus for 2021 is to achieve repeatable, incremental sales, while operating within our financial means. All departments are focussed on projects to deliver this goal.

“The investments we have made in our Strategy Execution platform have considerably enhanced the usability of our platform, its stickiness, our ability to convert new business and generate upsells with our existing accounts.  We believe our platform is capable of meeting the stringent requirements of the world’s largest organisations and, while conscious of the continuing challenges ahead, we have entered the new year in a strengthened financial position and with cautious optimism.”

The company reported significant cost reduction measures implemented through the year, reducing the monthly cost base by £400,000 by the year end to around £370,000.

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