i-nexus Global PLC on Tuesday said annual revenue fell but it remained confident in outlook.

Shares in i-nexus Global were up 23% to 3.69 pence each in London on Tuesday afternoon.

The London-based cloud-based strategy software solutions provider said revenue in the financial year that ended September 30 was £3.1 million, down 14% from £3.6 million a year earlier.

i-nexus Global noted that revenue fell despite a record number of sales due to the lagged impact of non-renewing contracts in the prior year.

Pretax loss marginally narrowed to £1.11 million from £1.13 million, while cost of sales were up 4.8% to £666,280 from £635,532.

It said cost control initiatives helped to narrow its loss, despite falling revenue. Administrative expenses fell by 17% to £3.4 million from £4.1 million.

Cash and cash equivalents on September 30 fell by 83% to £98,987 from £575,203 a year earlier.

i-nexus Global said it increased the strength of its client relationship, as net retention during its financial 2022 was 98%, up from 74% a year earlier.

Despite declining annual revenue, it said monthly recurring revenue grew by 12% in the financial year to £250,000 on September 30 from £223,000 a year earlier.

i-nexus Global remained confident in outlook, despite its declining annual revenue, as it reported MMR sales momentum to be continuing into its financial 2023, expecting net MMR growth of £12,000 from new customer orders and one account expansion.

It said it is well primed to deliver double-digit net MMR growth in its financial 2023, calling MMR its key metric of performance.

‘I am pleased to report on a year of solid progress at i-nexus, in which we delivered on all three areas of our strategic plan, resulting in growth in new business wins, a more stable cash runway, and greater clarity on our future direction,’ said Chief Executive Officer Simon Crowther.

‘The growing interest in strategy software, the relaxation of enterprise software budgets, the enhancements we have made to our products and our increased sales and marketing skills, all combine to provide us with confidence in our outlook.’

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