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Access Intelligence increases revenues and losses
SOFTWARE business Access Intelligence has announced increased losses despite increasing revenues.
The business, which last year opened a new development centre in York, said it would continue to invest in developing its products in 2013.
Access Intelligence, which provides software solutions to manage businesses’ governance, risk and compliance requirements, increased revenue from continuing activities by 11 per cent to £8,053,000 for the year ended November 30 2012, although pre-tax losses increased to £497,000, up from £279,000 in 2011.
The business said it had contracted, but not invoiced a further £5,453,000 of revenue.
Michael Jackson, executive chairman, said: "2012 has seen strategic investment in both the company and its solutions.
"We have already started to see the early signs of return on this investment, with a significant increase in revenues contracted not yet invoiced and an increase in long term shareholder value with a growing recurring revenue base.
"Our strategy continues to evolve and the synergies and interoperability between our products continues to grow, with customers recognising considerable benefits from utilising our combined suite of brands."
The business said the cost of sales increased because of higher messaging costs and sub-contractor costs suffered in the first half of the year. The group has since re-tendered for its messaging services and reduced these costs by 76 per cent, it said, and sub-contractors have been replaced by permanent hires.
It said: "The increase in total operating cost reflects the significant investment made with the creation of a cutting edge development centre in York, housing specific staff in functional roles for research, development, programme management and quality assurance, rather than developers covering all areas. Significant investment has also been made in central functions as well as at brand operating level."