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Trade logistics software company TradeWindow has posted a reduced loss while its trading revenue increased, driven by solid business growth.
Key numbers for the 12 months ended March compared with a year ago:
- net loss $9.8m vs $10.8m
- revenue $5.7m vs $4.9m
- underlying loss $11.7m vs $9.5m
- cash & cash equivalents $6.1m vs $5.9m
- no dividend.
Its net loss was down 10 percent from the year earlier, while trading revenue grew 27 percent to $4.9 million.
Total revenue - which includes government grants - was up 18 percent.
The company announced cost-cutting measures in March in response to a "challenging funding market", which led to full-time staff numbers falling by more than a quarter.
It said the results of the cost-cutting measures would be visible in the 2024 financial year.
It said "solid organic growth" helped deliver the increase in trading revenue.
"TradeWindow's strong growth reflects increasing demand for our digital trade solutions," chief executive AJ Smith said.
"Exporters, importers and freight forwarders are seeing the benefits of moving from manual processes to digital trade and are selecting TradeWindow solutions to be more efficient, connected and transparent," he said.
The company's cash balance at the end of the year was $6.1m, after raising $5.4m during the second half.
It said trading revenue for 2024 would be between $7m and $8m and it was looking at capital requirements for 2024 and beyond.
It recently announced a proposal - subject to shareholder approval - with European tech firm nChain, which would see $11.1m invested into TradeWindow.