LONDON (ShareCast) - Customer interaction software developer Portrait Software (LSE: PST.L - news) returned to profitability in the second
half of its financial year and said it has several significant deals in the pipeline.
The company made a loss before tax of £3.01m in the year to 31 March after exceptional charges of £2m, compared to a pre-tax profit of £0.38m the year before.
Revenue grew to £14.42m from £14.09m, with recurring revenues now accounting for more than 70% of revenues.
"Customer renewals remain very high and we benefit from the 'stickiness' of previously installed operational systems at a time when capital investment in new large-scale systems is low," said chief executive officer Luke McKeever.
The current financial year has started well with 12 licence deals confirmed in the first quarter, including one with Dell (NASDAQ: DELL - news) .
"Operational improvements combined with our alignment to current market demands has resulted in an increase in customer revenue opportunities. We are looking forward to a year of profitable growth at Portrait," McKeever concluded..
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